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I entered my medical expenses, and claimed them on this tax return. I have surpassed the minimum threshold amount, and yet my taxable income is unchanged. Why?
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Credits and deductions
Medical expenses are not deducted until Line 33099, so Line 26000 Taxable income is not changed when you add medical expenses.
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Credits and deductions
Ok thank you. I think I asked my question incorrectly, because what I'm really trying to understand is why do I still owe the exact same amount of money on my return? I entered over $1k of expenses.
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Credits and deductions
Are the medical expenses 3% of your net income (line 23600) or $2,759 (for tax year 2024)?
For more information refer to the TurboTax article "How to Deduct Your Medical Expenses - TurboTax Canada
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Credits and deductions
Yes regarding the 3%, in fact it is closer to 10% of my net income on line 23600, but it is less than $2,759... so to clarify: It's 3% or $2,759 (whichever number is less), correct?
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Credits and deductions
@kate_t_b TurboTax calculate the medical expenses this way:
Step 1
On line 33099 of your tax return, enter the total amount that you or your spouse or common-law partner paid in 2024 for eligible medical expenses.
Step 2
On the line below line 33099, enter the lesser of the following amounts:
- 3% of your net income (line 23600)
or - $2,759
Step 3
Subtract the amount of step 2 from the amount on line 33099, and enter the result on the following line of your tax return (Step 5 – Federal tax).
Step 4
Claim the corresponding provincial or territorial tax credits for individuals on line 58689 of your provincial or territorial Form 428. If you live in Quebec, visit Revenu Québec.
Thank you for choosing TurboTax