Claiming Medical Expenses: Free Healthcare?

Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions. 

Just over 2 Million Canadians are enrolled in post-secondary schools in Canada and about half of them incur debt to get through school. This, according to a recent survey by Maclean’s magazine, which also noted that nearly 2/3 of students don’t have an RESP. That means they have no Education Assistance Payments (EAPs) to fund education costs. Here’s how they work.

If you are a student at Knowledge Bureau, Kelly Malloy is a name that may sound familiar. She’s with you (literally!) as an undergraduate in the MFA™- Executive Business Growth Specialist designation program. Kelly, who is also the newest member of Knowledge Bureau’s team of Relationship Managers, helps students make decisions about courses and programs to accomplish their career goals; all while she’s enhancing her own training and knowledge.

On May 17, the finance department presented draft legislation to amend the Excise Tax Act to begin to treat cryptocurrencies in a manner similar to legal tender. The changes are deemed to have taken place on May 18, 2019 and introduce a new term: the virtual payment instrument.

Tax Freedom Day is coming soon! That’s the day you start working for yourself instead of government. In fact, in Canada, we spend a lot more time working for government than our neighbors to the south do.

What are the taxpayer’s rights, and what are the rights of CRA during a tax audit? These answers can be found in the Income Tax Act S. 231.1.  While surprise visits are unusual - a letter requesting certain files for inspection is more routine - an authorized person employed by CRA may actually visit, unannounced "at all reasonable times, for any purpose related to the administration or enforcement of this Act”.  Here is what they can and cannot do:

Here’s some good news to end the month: the IMF expects Canada to be the second-fastest growing G7 economy in 2019 (second to the United States), and it’s tied for the fastest growing in 2020. Canada’s labour force has also introduced 1 million new jobs, most of them full-time, driving the unemployment rate to its lowest levels in more than 40 years. But, there is more to the story.