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If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them?
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If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them?
How much of a savings this will give you will depend on your income and provincial tax rates. You'll be able to claim only medical expenses above the lesser of $2,208 or 3% of your net income.
For example if you make $60,000 you'll be able to claim the amount over $1,800 you've paid. So if you've paid 3.5% ($2,100) of your total income in medical expenses you'll be able to claim a $300 deduction on your return, which may net out to approximately $100 (depending on your provincial tax rate).
Personally I would claim the deduction. The CRA doesn't need you to itemize your receipts so you can just tally all of your receipts and enter the totals into TurboTax.
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If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them?
How much of a savings this will give you will depend on your income and provincial tax rates. You'll be able to claim only medical expenses above the lesser of $2,208 or 3% of your net income.
For example if you make $60,000 you'll be able to claim the amount over $1,800 you've paid. So if you've paid 3.5% ($2,100) of your total income in medical expenses you'll be able to claim a $300 deduction on your return, which may net out to approximately $100 (depending on your provincial tax rate).
Personally I would claim the deduction. The CRA doesn't need you to itemize your receipts so you can just tally all of your receipts and enter the totals into TurboTax.
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If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them?
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