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Archive for June 20, 2008
Rant on Medical Expenses
June 20, 2008 by Dan White.
Dear Editor
Hi Dan,
what’s your tax advise on dental and health services. I’m needing some dental work and It’ll cost about $2,ooo.oo. How do I expend it?
E
Hi E
Nice to hear from you on this fine last day of spring day.
Your medical expenses are deductible. HOWEVER!
The interesting thing is that we all have a standard medical expenses we can write off, however our ever money hungry government has set it up that you can take all your medial expenses minus 3% of your net income. So if you spend $2,000 in medical and earn $64,000 or more in net income, you have to subtract $1,926 (the maximum deduction in this formula.)
The government now only allows a maximim amount of medical expenses of $10,000 which is outrageous.
So in your case your deduction would be around $74. which is a joke and an insult to what Canada stands for.
You would be better off paying your dentist for other business services than dental work. Of course it has to be real.
It is a sick government that would effectively remove the average person’s medical expenses. their threshold where you don’t benefit is below the countries average income.
Oh Canada, I stand medical expense barred for thee. It is time for a tax revolt about revolting government tax greed.
Dan
Posted in Letters To The Editor, Tax Tips | Print | 2 Comments »