This expense is frequently overlooked because for most taxpayers, it’s a deduction that may only apply once every four or five years, if at all.
What is Deductible?
The list of eligible expenses on Revenue Canada’s website is over nine pages long. Many are obvious, such as dental or prescription drugs, while some are harder to recognize (ie - the premiums you pay at work for group dental and group health are deductible, as well as premiums for travel insurance).
The tricky part for the deduction is that you need to reach a threshold (greater than 3% of your net income) before your ‘medical expenses’ qualify for a refund. The good part is that you can combine family medical expenses to use against the lower person’s income taxes. Usually it is a big expense, something such as a crown or Lasik eye surgery, etc that would then make all those other little receipts a deduction.
Of course, it is only out of pocket expenses that would count…