Did you know ...
Regarding medical expenses
Only the amount of medical
expenses exceeding 3% of net family income
is used in the calculation of the tax credit. The 1614$
limit on medical expenses is abolished. This credit will
equal 25% of admissible medical expenses up to a
maximum of 500$ and will be reduced by 5% of the
net family income surplus exceeding 17500$
Furthermore, the 5000$ limit
applicable to the deduction for the services of a
caregiver which a handicaped worker can deduct is
abolished. Handicaped workers can now deduct up to two
thirds of their admissible income.
Think about it now.
Careful planning can save you a
lot of frustration!
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