Wayne Storozuk CA PC Inc.

Description

The following are some personal income tax issues: Medical Expenses: The first issue is that medical costs must exceed 3% of net income before they can be claimed on a personal tax return. Generally the person with the lowest income claims all the family medical expenses. Medical costs would generally include all prescribed drugs, services and appliances that are not covered by a medical plan. Medical expenses may include all prescribed medical costs incurred in a 12-month period ending in the tax year. You may be able to claim some medical costs of the previous year if they are in a 12 month period ending in the current tax year. Qualifying medical costs must be paid to be claimed. A taxpayer should consider taking out a bank loan to pay for an expensive orthodontic procedure instead of going on a payment plan with an orthodontist. There are many other issues relating to medical costs that may need to be addressed. I therefore recommend seeking professional services for additional advice on these topics: Future Tax Topics Childcare Tuition/education Student loan interest Carrying charges Donations RRSP's Equivalent to married Disability credit Care of elder parent