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While taxpayers can claim a variety of medical expenses, there are certain costs related to health that are not eligible for claims. The Canada Revenue Agency (CRA) outlines these exceptions in their Medical Expense Guide RC4065. The list includes:
Employers are required by law to deduct taxes from your pay and remit them on your behalf. That means the first dollars you earn every day go to the federal and provincial governments. Worse, the tax tables employers must use are skewed against you too. Consider how sizable the average tax refund in Canada is: about $2,200 or approximately $184 a month. That’s money you could be putting to use for your own financial future, rather than waiting until four or five months after the end of the year for it.
Congratulations to Alec Lui on the completion of the MFA-P Designation program! Alec started his career in 2020 as an advisor and in 2022 joined the insurance carrier as a wholesaler to partner with advisors to help Canadians protect what matters most to them. Hear what he has to say about his experience with the program:
It’s provincial budget season, with a federal election coming up soon. What should Finance Ministers in Canada be focusing on to try to meet the tariff winds head on and ensure the standards of living of Canadians going forward in a proactive way? The answer is to focus on economic growth. What is it, why is it important to consumers and voters and how do we measure that?
Medical expenses are the one out of pocket expenditure almost everyone has, and therefore it is the most commonly missed one as well.