by Buddyboy » Fri 16 Apr 2010 21:57 GMT
Drugs are very expensive here in Canada. Health care is a provincial responsibility so the situation varies a bit from province to province. When you are over 65, most if not all provinces have plans that cover drug costs. Be aware that all health costs, including drugs, are tax deductible. You must keep the official receipts when you buy the drugs and the amount you paid is offset against your income at tax time. That doesn't relate to over the counter drugs, rather to prescribed drugs, appliances, etc. Coverage for drugs is usually a benefit of employment. Your employer usually provides a plan to cover virtually all the drugs you'll need, and more, for you and your family.
One other benefit here that many may not be aware of is travel costs for medical appointments. If you travel over 40km each way for a medical appointment you can claim meals and mileage - without receipts. The mileage is currently about 50 cents per kilometre and the meal allowance about $17 per meal, three maximum per day. You can quickly work out that this one allowance quickly adds up to a sizable sum to write off against income. Here's a twist. If you select a doctor that is more than 40km away from where you live, every visit to see him or her results on a sizable sum to write off at tax time. There's nothing to stop you choosing a doctor just far enough away to use the allowance. It can mean you end up paying greatly reduced taxes.