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.

Advertisements

March 10, 2009 - Posted by | Accountant Mississauga |

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: