Laser Eye Surgery Tax Deductible in Canada
In our youth-obsessed culture, there’s no limit on what people will spend to look young and vibrant. Some enterprising Canadians are even claiming the costs of laser eye surgery, breast implants, teeth whitening and the like as deductible medical expenses. And it’s working.
"It doesn’t mean that it’s going to continue to be accepted, but as of now, it meets the qualification," says author and tax specialist with Mackenzie Financial Sandy Cardy.
"People pay doctors and dentists for all sorts of cosmetic stuff, so until the rules change, they should just put it through."
The costs of a naturopath or chiropractor also qualify, as does the cost of tutoring for a child with a learning disability. Be prepared to document and support any medical expense claims, as they are among the most frequently questioned items in tax returns.
Between 30 and 40 per cent of taxpayers each year will get a request from the Canada Revenue Agency for more information. This is different from a full-blown audit.
Other items that will trigger a red flag at Canada Revenue include:
Interest expense deductions — The rules say there must be a reasonable expectation of profit on an investment in order for the interest to be deductible.
Read more about "Laser Eye Surgery Tax Deductible in Canada"...
0 Comments:
Post a Comment
<< Home