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 example:

Medical Expense Tax Credit
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.