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. 

If early retirement — enforced or chosen — is in the cards, take advantage of employer-provided pre-retirement counseling. This tax-free benefit can save you money.

If you are disputing a re-assessment of your income tax filing with the Canada Revenue Agency (CRA), failing to choose the appropriate appeal procedure can prove very costly.

Look for slower growth in gross domestic product (GDP) in 2013 before it picks up again in 2014, say private-sector forecasters.

For 2013, the maximum pensionable earnings under the Canada Pension Plan (CPP) will be $51,100, up $1,000 from $50,100 in 2012.

Next week's edition of Knowledge Bureau Report will be reporting live from the Distinguished Advisor Conference in Naples, Florida! Watch for live tweets @KnowledgeBureau  #DAC2012.

The recent financial crisis has caused a crisis of another kind for financial advisors, a loss of trust and credibility by millions of clients who are now looking for more qualified people to manage their succession and estate planning decision. Differentiate yourself as the designated succession and estate planning specialist in your community and become a valuable resource to your clients as they develop a succession plan for their business.