Claiming Medical Expenses: Free Healthcare?

Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions. 

This month, seniors will see their OAS and GIS payments increase by one percent.  This increase marks the seventh consecutive increase in OAS payments.  The increase over the last year amounts to $30 per month for OAS recipients or just under 5%.

The agenda is packed full of vital information tax and financial planning specialists need to know as we round out tax seasons 2022 and begin to plan to reduce taxes and build wealth this year and beyond.  The eight critical topics we have chosen for your May CE Summit provide cutting edge professional development to help beat your competition, bring high value to your clients and earn CE Credits too.  Register before May 17 to hear Canada’s best-selling financial authors and educators discuss:  

Canada lost a veteran financial journalist to COVID-related pneumonia last week. Al Emid was the co-author of two financial books published by Knowledge Bureau, Financial Recovery in a Fragile World, and What I Have Learned so Far and How it Can Help You, described below.

Did you know that The Central Bank Network for Indigenous Inclusion was established in 2021 by the Bank of Canada, the Reserve Bank of New Zealand, the Reserve Bank of Australia and the U.S. Federal Reserve to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues? Learn more about its mission and why it’s important.

A reassessment following an audit from the CRA is deemed valid and binding subject to being proved incorrect by the taxpayer on a balance of probabilities (above 50%). In order to prove that the reassessment is inaccurate, the taxpayer may have to disclose confidential or otherwise privileged corporate documentation at trial. However, these documents can be accessed by corporate competitors by searching the Court Registry at the Tax Court of Canada.

A financial plan matters, a lot.  Yet, close to 50% of Canadians don’t even have a budget. Further, only about 30% of Canadians knew what a financial plan is and how it could help them. That means there is a lot of potential for collaboration to get better financial results and achieve more financial goals.