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. 

Leaving a job can be a painful experience if it’s not your idea.  Often legal challenges erupt. That can be costly. . .but can the CRA provide any relief when legal fees skyrocket?

What do commissioned sales people and Uber drivers have in common?  They each will want to know the difference between an automobile, a passenger vehicle and a motor vehicle, especially if they are keen on claiming all the deductions possible against their income this tax season.  Especially when using a car for salaried work, commission sales or self-employment, it pays to file an audit-proof return, as these claims are often audited.

Along with the sweeping changes to require individuals to report the disposition of their principal residences after 2015, changes to the rules for trusts that own property that is the principal residence of a beneficiary have also changed.  Be prepared to discuss changes in eligibility and to get valuations of property done now.

Seventy two percent of the responders agree that the 18% limitation restricting contributions to an RRSP should be raised for lower income earners. However, there were several varying opinions on how this should be done and what else could be affected.  Below are some of the comments shared by voters:

According to an article in the Financial Post, for the first time, the level of debt held by Canadians has exceeded the country’s gross domestic product. For the advisor now taking on clients struggling with their debts, the new edition of the Debt and Cash Flow Management course is solution for expertly advising clients on managing debt today and in the future and minimizing the debts.

THE MFA and DFA-Specialist Designations identify a select group of Wealth Advisors who have specialized skills within the tax and financial services industry. These programs, available exclusively through Knowledge Bureau and its strategic partners, lead to mastery in tax and bookkeeping services, business services and retirement and estate services under a platform of Real Wealth Management™.