Every year at about this time I remind people to take a look at the amount of medical expenses they have incurred so far this year. You can only claim medical expenses to the extent that they exceed 3% of your net income. Or, if you make lots of money then $2,635, which is the maximum for the 2023 year.

You should add up the medical expenses which you have paid for so far in 2023. The dental, physiotherapy, chiropractor and optometrist type payments. You can also deduct medical premiums and a per km cost for travelling to out of town medical appointments. If this total is more than 3% of your income, then any other medical expenses you have in the calendar 2023 will be deductible.

So, should you get the rest of that dental work done? Should you buy new glasses or stock up on contact lenses? Do you have any discretionary medical expenses? If so, consider spending that money before 2023 is over because you know that if you pay for that in 2023 it is going to reduce your income tax.

Subscribe to PFTGI: https://bit.ly/2Gxn731
Get More PFTGI: http://www.painlessfinancialtrainingg...
Online Bookstore: https://www.painlessfinancialuniversi...
Online Courses: http://www.painlessfinanciallearning....
Social: https://bit.ly/2EdgXPH
Governance: http://www.basicboardgovernance.ca/