10 medical deductions that can save you money
4/14/2012 10:03 AM
Tom McFeat recently wrote an article in CBC News about your medical expenses. In the article as a tax payer you were advised that ‘you do need to do some homework, in terms of keeping your medical expense receipts.’ It's something that is not easy to do over the course of a year unless you make a conscious effort to put the receipts aside.’
At C2online our tools will help you to ensure you maximize on these claims, save money and save time by simplifying the tasks for you:
Deduct your Gluten Free Groceries: You must calculate the incremental cost to ensure you receive the medical expense claim. Incremental cost is the increased cost of purchasing a GF product as compared to the cost of a similar non-GF product. It is calculated by subtracting the cost of a non-GF product from the cost of a GF product. C2online provides the calculation in your worksheet for you.
Deduct the travel: If you are traveling more than 40 km one way for medical reasons, you can claim the trips on your personal tax return for a medical deduction. Keep a diary of trips taken for medical reasons to use for a medical deduction on your personal tax return a medical critical to know the total number of kilometers your automobile was driven during the year for any medical purposes when you have traveled over 40 km one way.
The article suggests you contact your drugstore for a complete list to save time – We have a form to request for medical receipts from your pharmacist.
Eligible expenses that you claim can get missed and this list states the ones most commonly missed.
Disability tax credit will provide those taxpayers that are the in-home caregivers to a parent or grandparent age 65 or older. You need help to ensure that you are claiming this eligible credit correctly and receiving the appropriate amount of credit this tool will assist you.