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 you are in British Columbia you are probably aware that on the 31st of May 2012, the legislative assembly of BC passed Bill 54 to re-implement the provincial sales tax (PST) in the province, alongside the goods and services tax (GST), ridding the province of the much-criticized harmonized sales tax (HST).

Back in the early 1970s, tax reform, which largely introduced the taxation framework we still live with, considered whether the family, including dependants living in the home, should be taxed as one unit on one tax return.

A recent Tax Court of Canada (TCC) decision, in Sutcliffe v The Queen, contains some interesting information regarding that court’s jurisdiction, specifically to its inability to decide whether source deductions have been taken or not.

Those holding stock in the Kraft Foods Group Inc were surprised, to say the least, when on Thursday October 4th the Kraft shares opened at $45.55 then surged to $58.54. The Nasdaq attributed the rapid change to “broker error.” This occurred only days after Kraft Foods and Mondelez International, a former part of Kraft foods began trading as two separate companies.

Congratulations to Shelda Gamracy! She won an iPad from the Knowledge Bureau at the IPBC Conference in Vancouver last month.

Announcing all-new Webcasts with experts airing LIVE at the eMoneyShow direct from The World MoneyShow Toronto!