Trust me she tries NOT to use that much because the cost is far too much so she supplements with synthetic spray. The synthetic spray costs us $38 a month where the oil is $125 a 5ml bottle at max 5 bottles a month. CBB her expenses come in the form of medicinal marijuana oils and synthetic both of which come with a big price-tag. He chose Raybans so of course, they were the most expensive glasses which we bought two pairs, one for home and school.įor Mrs. We’ve also had to pay for glasses above and beyond what my employer covers to the tune of $200. This means I will have to take a chunk of money from our savings account to cover these costs for him. Of course, they probably won’t tell us that. The idea is if we pay for the full year and he doesn’t need it then we paid for nothing. We were told by his occupational therapist to pay for 6 months of the training to see if it makes a difference.įrom there if he needs further assistance then we could move forward and pay for the rest of the year.
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The hard part is that we don’t know if he will need one year of assistance or two. One program he will be participating in will cost us $7500 plus taxes for the year. I mean BIG, into the thousands of dollars that no employer or insurance company will cover. With my wife having a life-long medical condition and now potentially our son we’ve got big expenses coming our way in 2020. Well, I didn’t realize just how much work we were putting into the end of year income tax preparation until now. I bet you were wondering what took me so long. We’ve had enough so I created a Monthly Medical Expenses Tracking Sheet for our Budget Binder. So, we have another year of wasting time locating all of our monthly medical expenses for 2019. How We Track Our Monthly Medical Expenses in 2020
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The last thing you want to do is forget important expenses that you paid for that can be included on your income tax return. Honestly, we were lazy and would grow anxious trying to locate everything we needed in hopes we didn’t miss anything.
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It got to the point where income tax time was not a fun time for us especially when we were not organized. That was the easy part but when it came to all of our other expenses we found we were struggling to find them come income tax season.Ĭlaiming out-of-pocket monthly medical expenses can make a big difference for your income tax return even if they were not paid in Canada. Typically, we keep all of our prescription receipts in a folder in my office with the rest of our budgeting tools such as our budget binder. How We Used To Track Monthly Medical Expenses your or your spouse’s or common-law partner’s parents, grandparents, brothers, sisters, uncles, aunts, nephews, or nieces who were residents of Canada at any time in the year – Revenu CanadaĪnything you claim must be for a 12-month period ending in the year you are claiming for.įor example July 2018- June 2019.your or your spouse’s or common-law partner’s children born in 2000 or earlier, or grandchildren.You can also claim dependants that were under your care such as On your income tax return, you can claim for yourself, your spouse/common-law, children under 18 and or born before 2001. There’s only so much my employer will reimburse us for so it’s a priority to make sure that we keep all of our receipts. CBB and I are getting older and our monthly medical expenses have been climbing. Related: Medical Expenses You Can Claim On Your Income Tax Returnīoth Mrs. Easy enough, right?Īs of 2018, you can claim the lesser of $2302 or 3% of your net income on lines 330 and 331 on your income tax return. That means if you’ve submitted a health expense to your employee benefits program you cannot claim that amount.Īll you can claim is the amount that they did not cover. Track Monthly Medical Expenses Without Leaving Money On The TableĬome Income Tax season the last thing you want to be doing is scrambling to find and calculate all of your monthly medical expenses, so why not track them.Ĭlaiming medical expenses on your income tax return is a big deal especially if you’ve paid for them out-of-pocket. How To Start A WordPress Blog (Resources).The Ultimate Canadian Grocery Shopping Guide.Emergency Binder Free Printable Package.Canadian Budget Binder 2024 (51 FREE Printables).
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