I need to have extensive dental work done in the near future. The cost of all this is around 18 thousand dollars. None of the work will be covered by any insurance. I was told this could be deduction on my income tax. Does that mean I will get that entire amount back or deducted from my taxable income? We will suppose a taxable income of 75 thousand. Can someone give me a figure or two? Canadian information only please.
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The medical expenses above $2011 will convert to a non-refundable tax credit, at 15% of the amount on your federal tax and the lowest provincial tax bracket. In Ontario, this would mean a $3365 credit on your taxes. http://www.cra-arc.gc.ca/E/pub/tg/5000-g…
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Hello all,
ReplyDeleteCurrently, Canadian tax payers submit their personal and family health and dental expenses to the tax department when they file their annual tax return sometime on or before April 30th of each year. Thanks a lot.....
Canadian Income Tax Form