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. 

Many provinces have issued their fall fiscal updates and the same thing ails them as ails the federal government.

I like to donate to my favorite causes in December. It makes me feel great because it benefits others. The fact it lessens my tax liability is but an added benefit.

If the federal government decides to crack down on “aggressive” tax avoidance transactions, does it signal a sea change for advisors or is it really much ado about nothing?

Imposing taxes retroactively seems contrary to a rational, moral approach to taxation, but it is legal.

Taxpayers and all tax registrants have until Dec. 31, 2012 to file requests under the taxpayer relief provisions for the 2002 tax year and any reporting period that ended during the 2002 calendar year.

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