Highlights from the 2013 Federal Budget
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On March 21, 2013, the Federal Minister of Finance, Jim Flaherty tabled the 2013 Federal Budget. The budget focused on jobs and the economy, but included many targeted tax measures aimed at addressing "tax loopholes". We reviewed many expert analyses of the 2013 budget and summarized those aspects which we believed would be of most importance to our clients. The budgetary measures are classified as follows: - Personal Tax Measures
- Business Tax Measures
- HST/GST Measures
- Customs Tariff Measures
- International Tax Measures
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Have you claimed your eligible medical expenses?
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The medical expense tax credit allows you to claim eligible medical expenses that you incur for yourself, your spouse (or common-law partner) or your (or your spouse or common-law partner's) children who were under age 18 and dependent on you for support. You can claim eligible medical expenses to the extent that the amounts incurred exceed the lesser of $2,109 (for 2012) and 3% of your net income. In addition, you can claim medical expenses incurred for certain other dependent relatives. In this case, your claim for each person is limited to the eligible amounts paid in excess of the lesser of 3% of the dependant's net income and the 2012 threshold amount of $2,109. Many individuals often assume that they will not be eligible for the medical expense tax credit due to the high minimum threshold that is applicable to eligible expenses. Be careful to not make this mistake and ensure you gather all of your eligible medical receipts together, as there are many different expenses that can be claimed.
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