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. 

As of today millions of taxpayers’ financial information will be shared between US and Canada under FACTA.  Financial advisors, institutions and account holders all face increased reporting and due diligence requirements and, as a result, advisors are reminded to review their clients’ citizenship status to ensure that proper records are in fact available to the reporting financial institution.

In its submission to the Expert Committee, Ontario Ministry of Finance on Financial Advisory and Financial Planning Policy Alternatives, Knowledge Bureau was pleased to provide recommendations on the merits of more tailored regulation to those engaged in financial planning and the giving of financial advice, specifically in the area of continuing professional development.

Is the tax system doing enough to recognize the real and increasing costs of elder care? You may be surprised at the answer as we conclude our analysis of the question this week, reviewing tax credits available to the vulnerable and their supporting individuals.

Tax and financial advisors can take an important role in the financial education of young Canadians. As we approach Financial Literacy Month this November, it’s important to revisit the role of financial educator. It’s a critical piece of family wealth management that prepares heirs for their future financial responsibilities and brings peace of mind to their parents, too.

Tax is a trigger for affluent families. They seek credible, trusted, and expert solutions to their investment strategies and expect to work with professionals who can increase returns with tax efficiency.

Richard Yasinski is a DFA-Tax Services Specialist and a Certified Financial Planner (CFP) who offers financial planning on the cutting edge. “What makes our firm unique is that we focus on not just financial planning, but tax planning, estate planning, education planning – all aspects of personal financial planning that I think everyone should be interested in.”