Government Support for Weight Loss Surgery

FEDERAL MEDICAL TAX CREDITS

You may be able to claim a non-refundable tax credit for eligible medical expenses when filing your income tax and benefit return. Non-refundable tax credits reduce your federal tax.

You may be able to claim medical expenses paid for yourself, your spouse or common-law partner, your dependent children (if they were born in 1998 or later), and other dependants.

Surgeons in all provinces and territories are recognized as authorized medical practitioners for the purposes of the medical expense tax credit with Canada Revenue Agency.

For more information, contact your accountant, or visit the Canada Revenue site at http://www.cra-arc.gc.ca/nwsrm/txtps/2016/tfsk26-eng.html

 

RHSA – IS THE REGISTERED HEALTH SPENDING ACCOUNT RIGHT FOR YOU?

RHSA

Are you thinking of weight loss surgery but wondering if there is any financial help available for your procedure? Depending on your employment situation, there may be, with the Registered Health Spending Account (RHSA).

The RHSA is a government-approved account that enables your small business to pay all healthcare costs for you and your family as Healthcare Benefit Compensation with no payroll or income tax deducted.

Health care spending accounts are one of Canada’s best kept tax secrets. Health care spending accounts allow business owners to take money out of their company tax free to pay for everyday medical expenses such as going to the dentist or paying for prescription drugs, as well as some treatments and services.

The Canada Revenue Agency has specific rules around health spending accounts and how they are treated. The Registered Health Spending Account folks have created a white paper, “Canada’s Best Small Business Tax Tip” to help accountants, planners and business owners understand the tax free way to take money out of a business for healthcare coverage.

Ask your financial planner or accountant if the RHSA is right for you when you are considering bariatric surgery. For more details, visit http://www.myrhsa.com/cra-information-for-accountants-and-financial-planners

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