topic If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them? in Credits and deductions https://turbotax.community.intuit.ca/community/credits-deductions/discussion/if-my-medical-expenses-are-just-a-little-over-the-minimum-amount-3-of-my-income-is-it-worth-the/01/924717#M2847 How significant is the tax credit when medical expenses are claimed?<BR />Thank you! Wed, 30 Oct 2019 23:36:59 GMT LG5 2019-10-30T23:36:59Z If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them? https://turbotax.community.intuit.ca/community/credits-deductions/discussion/if-my-medical-expenses-are-just-a-little-over-the-minimum-amount-3-of-my-income-is-it-worth-the/01/924717#M2847 How significant is the tax credit when medical expenses are claimed?<BR />Thank you! Wed, 30 Oct 2019 23:36:59 GMT https://turbotax.community.intuit.ca/community/credits-deductions/discussion/if-my-medical-expenses-are-just-a-little-over-the-minimum-amount-3-of-my-income-is-it-worth-the/01/924717#M2847 LG5 2019-10-30T23:36:59Z How much of a savings this will give you will depend on y... https://turbotax.community.intuit.ca/community/credits-deductions/discussion/how-much-of-a-savings-this-will-give-you-will-depend-on-y/01/924718#M2848 <P>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.<BR /></P><P>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).</P><P>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.</P> Wed, 30 Oct 2019 23:37:00 GMT https://turbotax.community.intuit.ca/community/credits-deductions/discussion/how-much-of-a-savings-this-will-give-you-will-depend-on-y/01/924718#M2848 Jocelyn-TurboTax 2019-10-30T23:37:00Z Thank you, Jocelyn! If I tally the receipts and enter the... https://turbotax.community.intuit.ca/community/credits-deductions/discussion/thank-you-jocelyn-if-i-tally-the-receipts-and-enter-the/01/924719#M2849 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? Wed, 30 Oct 2019 23:37:02 GMT https://turbotax.community.intuit.ca/community/credits-deductions/discussion/thank-you-jocelyn-if-i-tally-the-receipts-and-enter-the/01/924719#M2849 LG5 2019-10-30T23:37:02Z I would choose the date of the last (most recent) medical... https://turbotax.community.intuit.ca/community/credits-deductions/discussion/i-would-choose-the-date-of-the-last-most-recent-medical/01/924720#M2850 I would choose the date of the last (most recent) medical receipt. Wed, 30 Oct 2019 23:37:03 GMT https://turbotax.community.intuit.ca/community/credits-deductions/discussion/i-would-choose-the-date-of-the-last-most-recent-medical/01/924720#M2850 Jocelyn-TurboTax 2019-10-30T23:37:03Z
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topic If my medical expenses are just a little over the minimum amount (3% of my income), is it worth the trouble to claim them? in Credits and deductions
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https://turbotax.community.intuit.ca/community/credits-deductions/discussion/if-my-medical-expenses-are-just-a-little-over-the-minimum-amount-3-of-my-income-is-it-worth-the/01/924717#M2847
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How significant is the tax credit when medical expenses are claimed?<BR />Thank you!
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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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https://turbotax.community.intuit.ca/community/credits-deductions/discussion/if-my-medical-expenses-are-just-a-little-over-the-minimum-amount-3-of-my-income-is-it-worth-the/01/924717#M2847
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How significant is the tax credit when medical expenses are claimed?<BR />Thank you!
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How much of a savings this will give you will depend on y...
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https://turbotax.community.intuit.ca/community/credits-deductions/discussion/how-much-of-a-savings-this-will-give-you-will-depend-on-y/01/924718#M2848
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<P>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.<BR /></P><P>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).</P><P>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.</P>
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Thank you, Jocelyn! If I tally the receipts and enter the...
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https://turbotax.community.intuit.ca/community/credits-deductions/discussion/thank-you-jocelyn-if-i-tally-the-receipts-and-enter-the/01/924719#M2849
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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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I would choose the date of the last (most recent) medical...
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https://turbotax.community.intuit.ca/community/credits-deductions/discussion/i-would-choose-the-date-of-the-last-most-recent-medical/01/924720#M2850
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I would choose the date of the last (most recent) medical receipt.
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<pubDate>Wed, 30 Oct 2019 23:37:03 GMT</pubDate>
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