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. 

The annual TFSA contribution room is indexed to the consumer price index (CPI), but the contribution limit is increased only in increments of $500.

Indexation has increased the capital gains exemption available on the sale of qualified small business shares in 2017 by an additional $11,540, to $835,716. The capital gains exemption on the sale of qualified farm or fishing property remains at $1,000,000.

If December is moving month for you, three pieces of advice:  tax a deep breath, treat yourself to some extra eggnog, and keep those moving expense receipts handy.  They will be worth a lot of money when  you file your tax return.

Knowledge Bureau’s November poll was a no-doubter. An overwhelming majority of 87% answered yes to the question: “Do you agree that the new reporting changes for 2016 will result in significant audit activity on the disposition of principal residences?”

There is a growing demand for qualified tax specialists in the financial services sector. Knowledge Bureau’s DFA- Tax Services Specialist program™ will allow you to tap into this profitable career path and build your own professional practice. All it takes is six in-depth courses (180 hours) to earn your DFA-Tax Services Specialist™ designation, and you can get started immediately.

Knowledge Bureau’s Annual Personal Tax Bootcamp is coming soon: in six cities across Canada: January 17-25, 2017. Registrants are urged to reserve their spots early as seating is limited, and to take advantage of early-bird tuition reductions until January 10.