Medical Expenses: Travel, Moving and More
Did you know that total health care spending in Canada is estimated at over $9,000 per person and is estimated by Health Canada to be between 10.9% and 13.4% of the Gross Domestic Product (GDP), and that the average out-of-pocket health care cost was $1,189 per capital in 2022. With a shrinking GDP on the horizon through a potentially recessionary period ahead, it’s important to know which of the numerous out-of-pocket expenses will qualify for the Medical Expense Tax Credit (METC) claimed on Line 33099 of the T1 General tax return. Today, we discuss medical travel costs, moving for medical reasons and other medical deductions you don’t want to miss on your tax returns. Here’s an overview:
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Introducing KB’s New Digital Home – And Prizes for You!
Coming THIS EASTER WEEKEND, A NEW LEAP - Knowledge Bureau’s new digital home. Check it out! We have Grand Opening tuition offers available to you as new and returning visitors, April 17 to April 21! VIP Graduates, your offers come first to your email on April 17. For everyone else, we invite you to explore the new 2025-2026 Curriculum and the Four New Pathways to Upskilling - from entry level to mastery level - and receive a $50 tuition credit to use now until June 30.
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May 21 CE Summits: New Strategies for Retirement & Estate Planning 2025
“The Future is No Clearer”. This according to the Bank of Canada Governor who announced on April 16 that he is holding interest rates at their current level. Nonetheless, Knowledge Bureau will tackle the subject with authority and practicality at the May 21 CE Summit. The subjects: Tax Year 2025 - New Taxes or New Benefits across the Provinces and with a new federal government. Also, Planning with Trusts – Bare Trust, Special Trusts, Post-Mortem, Retirement Income Planning across four client profiles and embracing wealth planning opportunities with tax efficiency. Get the whole story, interpret it and share your knowledge during our live virtual CE Savvy Summit on May 21. Save Money, Register by May 15. Here’s more:
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