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. 

It is a time of great opportunity to test our collective financial resilience, and financial advisors on the front lines of financial wellness will be better prepared to do so with the keen insights and bold thinking of 21 expert speakers at the 17th Annual Distinguished Advisor Conference (DAC) presented by Knowledge Bureau, October 28-30. 

Knowledge Bureau has made it easier for you to register virtually, 24/7 in online courses and to calculate the tuition fee schedule that is right for your budget.  Check out the new online instalment payment calculator and the brand-new Virtual Registrar. It’s the perfect way for night owls and weekend warriors to get started!

In a lengthy Throne Speech, the Governor General highlighted the extensive and potentially expensive plans the federal government envisions for economic recovery to “Build Back Better”, all in the midst an unprecedented global pandemic. Further fiscal details and cost projections are promised to be delivered in an Economic Response Plan later this fall. What’s especially interesting is a glimpse at big changes in practice management ahead for the tax preparation industry. Highlights follow.

As part of the September 23, 2020 Speech from the Throne, the government committed to several goals concerning zero-emission vehicles. The intention is to improve affordability and encourage manufacturing of these products by cutting the corporate tax rate for those making zero-emission products by a proposed 50%.

During yesterday’s Throne Speech, the federal government promised to move forward with enhancements to the First-Time Home Buyer Incentive, including in Canada’s largest cities, so more families can afford to buy their first home. No further definition was provided with regard to what this expansion means, or how further assistance will be provided to Canadians living in the pricier parts of the country. However, promises made by the Liberal government heading into the last election may provide some clues.

The Speech from the Throne indicates that the government will be following through on several promises made in the last election. Promises for seniors include enhancements to Old Age Security (OAS) and the Canada Pension Plan Survivor’s Benefit. For the disabled, a new Canadian Disability Benefit will be introduced, along with an employment strategy and improved processes to determine program and benefit eligibility. Here are the details: