Unlocking Healthcare Savings: The Surprising Medical Expenses You Can Claim with the CRA!<br />

The Surprising Medical Expenses You Can Claim with the CRA!


In the realm of medical expenses, which are often deemed both essential and financially burdensome, the Canada Revenue Agency (CRA) emerges as a potential source of relief for Canadians. While the CRA is frequently associated with tax collection and allocating hard-earned income towards various obligations, it also allows individuals to recoup some of their healthcare costs. In this context, three noteworthy medical expenses stand out as eligible claims within the framework of the CRA.

Hearing aids, a common necessity for many Canadians, find recognition within the CRA’s provisions. The Canadian government acknowledges the importance of hearing aids and other personal assistive-listening devices, including expenses related to their repairs and batteries. This is particularly advantageous because the entire expense incurred on hearing aids is tax-deductible. However, ensuring that the claimed amount does not overlap with any reimbursements received is imperative, especially if covered by insurance.

Beyond hearing aids, individuals diagnosed with severe gluten intolerance, often associated with conditions such as celiac disease, can also find solace in the CRA’s provisions. Those adhering to a gluten-free diet as a medical necessity can claim incremental savings on their yearly purchases. It is important to note that the claimable amount depends on the price difference between gluten-free items and their regular counterparts. For instance, if a gluten-free product costs $5 and the regular version is priced at $2, the claimable amount is $3. However, this deduction only applies to items exclusively consumed by the claimant, and any shared household consumption requires proration.

In a progressive move, the CRA also allows Canadians to claim expenses related to medical marijuana, acknowledging its therapeutic benefits. Despite the legal status of medical marijuana, healthcare insurance plans typically do not cover its costs. To make a claim, individuals need a valid prescription, and once obtained, they can include expenses related to various forms of medical marijuana, such as oils and edibles. It’s worth noting that the claimable amount is subject to a deduction of $2,421 or 3% of the net income, whichever is less, as of the current regulations.

Often perceived as a financial gatekeeper, the CRA unveils a more benevolent side by providing avenues for Canadians to reclaim certain medical expenses. By understanding and utilizing these provisions, individuals can alleviate the financial strain associated with healthcare costs, ultimately contributing to a more accessible and supportive healthcare landscape.

Contact RGB Accounting today at (416) 932-1915 or email us at [email protected] if you are looking for expert advice on shareholder loans. We will get an in-depth understanding of your specific situation and make sure you are set for success!

Source: CRA


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