I have a canadian income tax questions?
I have a canadian income tax questions?
Does anyone know how many years you can go back to claim medical prescription costs for income tax in Canada. I have never claimed my out of pocket expenses on my taxes. I have health insurance which covers 80% but the 20% I pay out of pocket and I am only now finding out that those expenses could be claimed. How far back can I go?
Answers:
Chosen Answer
T E: You may file the medical claim if the payment is within 3 prior years from the earliest date of the notice of assessment to you, i.e., the normal reassessment period for an individual. Claiming beyond the 3 years requires you to have an excuse, i.e., circumstances beyond your control, for example, you were on a extended sick leave, natural disaster had misplaced your medical records, etc. Another opportunity to claim for a tax return beyond the 3 yrs is that the taxable income for that prior yr is NIL, and you have not requested a "loss determination" from the CRA for that tax return. Note also that for your "unclaimed" 20% medical expenses in 2007, you medical expenses must total more than $1,926, or 3% of your net income, whichever is less.
2008-12-07 15:04:32
T E: You may file the medical claim if the payment is within 3 prior years from the earliest date of the notice of assessment to you, i.e., the normal reassessment period for an individual. Claiming beyond the 3 years requires you to have an excuse, i.e., circumstances beyond your control, for example, you were on a extended sick leave, natural disaster had misplaced your medical records, etc. Another opportunity to claim for a tax return beyond the 3 yrs is that the taxable income for that prior yr is NIL, and you have not requested a "loss determination" from the CRA for that tax return. Note also that for your "unclaimed" 20% medical expenses in 2007, you medical expenses must total more than $1,926, or 3% of your net income, whichever is less.
2008-12-07 15:04:32