The catch is, you must have shelled out enough during the year to reach the minimum claim threshold-either 3% of net income or $2,4, whichever is less. The Medical Expenses Tax Credit allows you to claim a whole slew of eligible costs, including prescriptions, private or semi-private hospital care, tests, dental care, health plans (premiums and/or co-pays), travel expenses (when your only option for treatment was at least 40 kilometres away), and many other medical services and devices. If you or an immediate family member had a whack of uninsured medical costs in 2021, and/or your income was lower than usual (perhaps due to COVID-19), it’s worth it to tally up those expenses to see if you have enough to claim this non-refundable tax credit.
(Note that these are all federal claims in some cases there may be similar claims you can make on your provincial/territorial taxes.) Is there a medical expense tax credit?
With that in mind, here are some of the deductions and credits that you should check to see if you are eligible to claim this year-along with their potential tax savings-to make sure you don’t end up leaving money on the table.
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