Tax Tip: The More Obscure Medical Expenses

Are you claiming all the medical expenses you or your clients might be entitled to? 

Employment and Social Development Canada announced today the quarterly amounts for Old Age Security (OAS) benefits for October to December 2014 will increase from $558.71 to $563.74 for each of October, November and December, bringing the total OAS benefit for the year up to $6,676.59. 

October 1 is National Seniors Day and tax and financial advisors can help in a significant way by inviting seniors to their offices to review specific provisions they may be missing on their tax returns, like the Disability Amount.

For employees between the ages of 65 and 70 years old, the decision of whether to continue to contribute to CPP and thereby increase their CPP benefits, or to instead opt out and retain the annual premium needs to be made.

"Despite the fact that Canada didn’t have a 'homegrown' financial crisis, economic recovery has been painful," said Timothy Lane, Deputy Governor of the Bank of Canada last month at Carleton University. That pain may remain with us for some time yet.

A Knowledge Bureau opinion poll on wealth and wealth inequality has touched a nerve.

Birth, marriage, death, separation or divorce, university entrance, sale of business, unemployment, illness, career change, self-employment, inheritances, even certain birthdays — all of these life events can have tax consequences.