Solved: If my medical expenses are just a little over the ...

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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 significant is the tax credit when medical expenses are claimed?
Thank you!
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New Member

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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Highlighted
New Member

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.

View solution in original post

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New Member

If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them?

Thank you, Jocelyn! If I tally the receipts and enter the total, what do I enter in the"date" field since there were multiple dates on which the expenses were incurred?
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New Member

If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them?

I would choose the date of the last (most recent) medical receipt.
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