How Much Medical Expense Do You Have so Far in 2017? Canada 150 Recommendation #122

Sunday’s= Personal Tax

The tax credit for medical expenses in Canada is calculated based on a threshold. This threshold is the amount medical expenses exceed 3% of your net income in a year.

This time of year it makes sense to see if you have exceeded the threshold for 2017. If you have, then every medical expense for the rest of the year will result in a tax credit on your personal tax return. It will make sense to buy discretionary medical items now before the end of 2017 rather than waiting until 2018. You know you can get a tax credit now, you don’t know how 2018 is going to go.

Do the calculation now and then decide if now is the time to stock up on contact lenses, buy glasses, get those hearing aids or have expensive dental work done.

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