Healthy Tips

Is it correct in Ontario Canada medical expenses are tax deductable only for amounts above 3% of your income?

so if for example you paid $5000 for medical expenses, your health insurance comapny paid $4000 of that (so you only paid $1000 from your pocket), then if you earn 40,000 none of that $1000 is tax deductable as it is less than 3% of your income? THANKS

You are correct.

However, actual claim can be made by individual, spouse or parent (for minors incurring the medical expenses). Since total medical expenses must exceed 3% of net income (or $1,926 whichever is less) it may be advantageous for the family member with the lowest income to make the claim.

Oh. Canada?!