You've spent the whole year paying into your insurance. You've worked hard and earned your…
Return Up To 20% Of Your Dental Expenses Come Tax TimeNovember 7, 2012
Many patients who are tax savvy, have utilized their medical expense tax credit provided by the Canada Revenue Agency. If you review their list of eligible medical expenses, you’ll find dental implants and dental expenses. We recommend reviewing this option as it could return 20% on your dental implant investment.
- Medical Expense Tax Credits: 21.05% (15% Federal, 6.05% Provincial ON)
- Any expense over 3% of gross taxable income ( max deductible is $2,100)
|Net Taxable Income||$50,000||$50,000||$50,000|
|Less 3% of Income||$1,500||$1,500||$1,500|
|Allowable Medical Expense||$2,000||$6,500||$18,500|
|Medical Expense Tax Credit||$421||$1,368||$3,894|
Tax Tip: One can also claim the portion of eligible expenses you and your spouse or common-law partner paid for a depandant ie. (you and your spouse’s child who was born in 1991 or earlier, or grandchild: or your spouse’s parent, grand-parent, brother, sister, aunt, uncle, niece, or nephew who was a resident of Canada at anytime in the year).
If you’ve been considering dental implants, but are holding back due to the cost, this return can now make your treatment more attainable. At Dawson, flexible payment plans are also available to help you achieve optimal oral health and beauty sooner rather than later.