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. 

Be warned that the CRA is taking tax avoidance and tax evasion more seriously than ever. The federal budget funded increased verification activities, additional auditors and specialists focused on the underground economy. A major focus of the CRA Criminal Investigations program has also targeted sophisticated taxpayers and promoters of schemes.

How do you define great advice? What services do you need to receive from your advisor that would compel you to recommend them to your friends and associates? In the tax business, that particular sweet spot occurs when the client says thanks and “see you next year.” But what happens to the standards of professional advice when a client’s health changes? Consider the following true-to-life scenario as an example. 

In celebration of Canada’s 150th year, Knowledge Bureau is pleased to put the spotlight on Canadian Financial Authors. This week: Rick Atkinson discusses Time Management – A Critical Retirement Skill.

How’s your luck? Give it a try for a chance to win a free registration to the Distinguished Advisor Conference (DAC) in the spectacular wine country of BC.

The Federal Budget has put an emphasis on positioning Canada for success in the innovation economy of tomorrow. With so many businesses poised to change hands soon, advisors must be thinking about preparing the next generation of leaders for the new economy, despite disruptive trends and significant tax changes. The continuity, and even survival, of these companies could depend on your help.

The Distinguished Advisor Conference has established its reputation over the past 14 years as the most comprehensive and strategic educational conference available to tax and financial advisors. Experts and visionaries from all sides of the financial services industry will help you refresh your vision and mission, and execute on the strategic and technical skills required to serve your clients in this time of significant change.