|
|
| *Ostroff, Fair and Company>>>Canada Taxes |
Are psychologist tax deductable? |
I am seeing a psychologist once a week which I have to pay for out of my pocket, does someone know if I can deduct this on my taxes at the end of the year, I live in Ontario, Canada. Yes and no. Isn't it great to be in Canada.!! The amounts you pay are eligible HOWEVER, the amount of medical expenses you can actually claim are: Total Medical Expenses MINUS 3% of your net income so if your net income is 40K, you can only claim whatever expenses you have over $1200. (eg. if you have 1550 in medical bills, you will only be able to claim 350) since you did mention that you have partial benefits through work, if you are paying any premiums through your pay, make sure you consider those too as medical expenses. (psychologist expenses + premiums + prescriptions + dental etc etc) MAKE SURE YOU ADD THEM ALL Absolutely it is. Make sure you keep all the receipts, and if possible, a letter from the doctor, stating your health condition.... If Canada allows deductions for medical expenses, then yes, a psychologist counts. But why do you pay when you're supposed to be getting that universal health care thing that people are always saying is so great? Persuant to subsection 118.4(2) of the Canadian Income Tax Act a licensed psychologist is considered to be a "medical practitioner" for purposes of the medical expense tax credit permitted under subsection 118.2(1) of the same Act. Therefore the fees you pay to your psychologist can be taken into asccount in computuing you personal income taxes payable. Medical expenses 鈥?For the purposes of subsection (1), a (2) 118.2(2)(a) medical expense of an individual is an amount paid to a "medical practitioner"........etc. 118.4(2) Reference to medical practitioners, etc. 鈥?For the purposes of sections 63, 64, 118.2, 118.3 and 118.6, a reference to an audiologist, dentist, medical doctor, medical practitioner, nurse, occupational therapist, optometrist, pharmacist, physiotherapist, psychologist, or speech-language pathologist is a reference to a person authorized to practise as such, |
| Tags |
| Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business Renting & Real Estate |
Finance Categories--Copyright/IP Policy--Contact Webmaster |