Thursday, February 07, 2008

Don't forget this deduction!

Did you know you should be claiming all those monthly payments - usually payroll deducted - of private health insurance? You work, you opt in with their benefits programs ie health and dental. CRA has only 1 line mentioning this often overlooked deduction.

You don't get a T4 type of slip for you have to do the work. What I do is photocopy the last Late Dec) pay slip with all deductions outlined. If they don't have a Year to Date (YTD) column, I simply highlight the monthly amount and below that, right on the copy do my calculations by multiplying the monthly deduction by 12 ....and add that number(and the highlighted photocopy) to all those other bits of medical papers I've been keeping for the whole year.

It's your money, if you don't ask for it back via a medical deduction, foolish you! FYI - I have a file labeled Upcoming Tax Year and all my slips go into there - medical, charitable donations and publication clippings that may affect us at tax time.

1 comment:

Pumpkin said...

Oh yes! There's LOTS of things they don't 'tell' you ;o)