1. Medical expenses: from deduction to credit

    Medical expenses: from deduction to credit

    In light of numerous changes to tax law in regard to medical expenses, it's worth a recap to ensure that you are claiming correctly in your tax return. Conversion to a tax credit system. There has been considerable media coverage of the proposal to convert medical expenses from a deduction from taxable income (section 18 of the Income Tax Act, which makes provision for a medical expense allowance) to a reduction of tax liability by way of a tax credit. The significance of this is that a tax deduction reduces the income ...

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