Medical Expense Tax Credit
Your medical, dental and vision expenses may be eligible for a tax credit according to the Canadian Revenue Agency.
Depending on your provincial regulations, you may claim your medical expenses as long as the total yearly expenses exceed 3% of your total income.
|For an individual with a net income of:||$40,000/yr|
|An elective procedure such as cosmetic surgery:||$8,500|
|The 3% of net income would be equal to ($40,000 x 3%):||$1,200|
|Total amount eligible for tax credit would be ($8,500 - $1,200):||$7,300|
|This amount is multiplied by the lowest tax rate for the year (15%):||$1,095|
Therefore, the non-refundable tax credit of $1,095 would be applied.
For more information, visit Canada Revenue Agency.