Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 

Is it worth claiming $488.91 medical or should wait and combime it with next years claim

 
1 Best answer

Accepted Solutions

Is it worth claiming $488.91 medical or should wait and combime it with next years claim

Medical expense credit can't be carried forward and is not tracked by CRA as a result.
All you can do to defer a Medical claim is delay the 12 month window in which you claim.
Depending on the nature of your expense payments that may or may not bring an advantage.

Your expense is claimable but whether it is worthwhile to claim for 2014 really depends on your
Net Income and othe credits. It really falls into a very narrow window because of the 3% Net Income threshold. Even then, you could expect to see a maximum of at most $15 tax paid.
I base this on a Net Income around $13000 and only Personal Credit,

Medical is certainly an elusive credit, which is intended to assist people with serious health care costs, rather than mundane stuff such as a few prescriptions, dental checkups, prescription eyeglass payments.

View solution in original post

1 Reply

Is it worth claiming $488.91 medical or should wait and combime it with next years claim

Medical expense credit can't be carried forward and is not tracked by CRA as a result.
All you can do to defer a Medical claim is delay the 12 month window in which you claim.
Depending on the nature of your expense payments that may or may not bring an advantage.

Your expense is claimable but whether it is worthwhile to claim for 2014 really depends on your
Net Income and othe credits. It really falls into a very narrow window because of the 3% Net Income threshold. Even then, you could expect to see a maximum of at most $15 tax paid.
I base this on a Net Income around $13000 and only Personal Credit,

Medical is certainly an elusive credit, which is intended to assist people with serious health care costs, rather than mundane stuff such as a few prescriptions, dental checkups, prescription eyeglass payments.