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Rant on Medical Expenses
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
October 27, 2008 at 11:56 am
How about some barter with the dentist?
Offer them some advertising, which you buy from a local radio station.
October 27, 2008 at 12:57 pm
Re: Thanks for the comment. Barter is always a good idea… so long as you show all barter income and expenses in your bookeeping.
Dan