Do You Know Your 2019 Medical Expenses?

Every year I remind people that their claim for the medical expense tax credit is based on a minimum. You can only deduct the amount of medical expenses that you have that exceed 3% of your taxable income. So if your taxable income is $10,000 you can get a credit for any expenses over $300.

If your taxable income is $20,000 you can get a credit for any amount over $600. There is a maximum, for 2019 it is $2,352. If your medical expenses are over $2,352 then you can get a credit for the amount over $2,352, even if your taxable income is millions of dollars. 

So, the reason that I am talking about this in October is that if you have enough medical expenses already in 2019 to make a claim, then any medical expenses you incur in November and December will add to that claim. Do you need glasses, hearing aids, dental work or physiotherapy? If so, now is the time to make those appointments.

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