Next tax year
#1
I know we are not even in the tax part of the year, but I did learn a thing or two and would like to pass it on for you all in the next tax year,
If you have purchased medical insurance for yourself or the family for the first 3 months after landing in Ontario this amount can be set off against your tax but only in that year.
Also the amount you are paying towards your benefits at work can also be offset, even the 20% that you are paying towards a prescription or dental.
Hope this helps some of you, I have found that some of hubbys co-workers never even knew they could claim the amount they paid each pay cheque to wards their benefits.
Sutherlands
If you have purchased medical insurance for yourself or the family for the first 3 months after landing in Ontario this amount can be set off against your tax but only in that year.
Also the amount you are paying towards your benefits at work can also be offset, even the 20% that you are paying towards a prescription or dental.
Hope this helps some of you, I have found that some of hubbys co-workers never even knew they could claim the amount they paid each pay cheque to wards their benefits.
Sutherlands
#2
Worth knowing - are there any sites that explain all this (preferrably in laymans terms)?
#3
I purchased a copy of Canadian Taxes for Dummies soon after arriving here. It was a useful companion when starting up a business too.
#5
Banned






Joined: Aug 2007
Posts: 1,810
From: New Caledonia











Medical expenses must exceed 3% of your net income to be claimed. They can be carried forward to next year's return, as long as they still fall into a 12-month period that ends in the tax year when you claim them.
Travel medical can also be claimed.
Travel medical can also be claimed.
#6
Analyst for hire






Joined: Jan 2007
Posts: 1,698
From: Toronto











Also surely your three months cover that you purchased before moving cannot be claimed due to them having been paid before you became resident in Canada, and having been taxed in the UK.




