It is a known fact that most health plans will reimburse a portion of medical expenses, leaving you with the balance of the expense to pay yourself. The portion that is not covered by your health plan can be claimed as a medical expense on your tax return.

In general, medical expenses made for yourself or your spouse or any dependent can be claimed if they exceed 3% of your net income (line 236 of your tax return) or $1,728, whichever is less.

An individual can claim medical expenses spanning any 12-month period ending in the current year - while not claiming the same receipts twice in different taxation years.

TIP: If amounts do not cover the allowable portion described above, it might be in your best interest to keep them for the next fiscal year.

The above provides general information only. It should not be regarded or relied upon as accounting or taxation advice or opinions. Logan Katz LLP Chartered Accountants would be pleased to provide more information or specific advice on matters of interest to you.
 

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