Patients often wonder if they can declare the cost of their nasal surgery as an eligible medical expense on their Canadian personal tax return. Fortunately, with the Income Tax Act and the Medical Expenses Tax Credit, it's easy to claim medical expenses on your annual tax returns and receive a refund. The tax credit applies to any amount of medical expenses, including prescription drugs, glasses, health-related home renovations, dental work, and even the purchase of gluten-free bread or medical marijuana. Certain types of cosmetic surgery to correct injuries, disfigurements caused by illness, or congenital abnormalities also qualify for the tax credit. However, cosmetic surgery for purely aesthetic purposes is not eligible.
Additionally, there is a refundable tax credit for low-income workers who have high medical expenses, and a deduction for medical expenses incurred so that a disabled person can work or attend school. If you are considering cosmetic surgery for medical or reconstructive purposes, it is important to understand the rules and regulations surrounding the Medical Expenses Tax Credit. It is important to keep all receipts and documents related to your procedure in order to be able to claim the credit on your tax return. Additionally, you should consult with a qualified tax professional to ensure that you are taking advantage of all available deductions and credits. The Medical Expenses Tax Credit is an excellent way to reduce your overall tax burden and receive a refund on your medical expenses. If you are considering cosmetic surgery for medical or reconstructive purposes, it is important to understand the rules and regulations surrounding the Medical Expenses Tax Credit in order to maximize your savings.