10 Tax Tips

Accountant Mississauga

Tip #4 Filing Medical expenses

4. Inefficient filing of medical expense credits. Many taxpayers claim only personal medical expenses on their tax return, rather than combining such expenses as part of a family unit to take advantage of a threshold which is the lesser of $1,728 or 3 per cent of that individual’s net income for the year. “If a husband and wife were to claim medical expenses separately, there’s a very good chance they wouldn’t be able to claim any [credit] at all because it’s based on that 3-per-cent threshold,” Mr. McCormack says.


March 10, 2009 Posted by | Accountant Mississauga | | Leave a comment