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. 

Highly qualified tax advisors are in high demand, not only by their clients but by financial advisors who seek their services and advice.

Knowledge Bureau is taking a short summertime break and would like to remind you that there will be no issue of KBR on July 27 and August 3. Next issue of Knowledge Bureau Report will be published on August 10. Knowledge Bureau would also like to remind you of some key dates to mark in your calendar.

"If you accept the expectations of others, especially negative ones, then you never will change the outcome." Michael Jordan

Manitoba has agreed to sign on for federal Canada Pension Plan reforms and that gives the required 2/3 approval by the provinces required for the federal plan to move forward.  Manitoba wanted emphasis on three key issues, discussed below, but the real issue to follow is this:  will this be enough to help middle class Canadians fund their retirements?

OAS rates are indexed quarterly based on changes to the Consumer Price Index.  Seniors, who have not seen a raise since January 1, will receive an additional $2.85 per month starting in July.  The Guaranteed Income Supplement (GIS) also increased by the same percentage.

Did you know that as of May 16, 2016, like individuals, corporations can now file Form T1135 Foreign Income Verification Statement, electronically?  EFILE has otherwise been allowed for the 2014 and subsequent taxation years for individuals. CRA will also make electronic filing possible for partnerships in the future, but they haven’t released a date yet.