Thinking about Dental Implants, but not sure due to cost?
You could return up to 20% come tax time
Many patients who are tax savvy, have utilized their medical expense tax credit provided by the Canada Revenue Agency. If you review their list of eligible medical expenses, you’ll find dental implants and dental expenses. We recommend reviewing this option as it could return 20% on your dental implant investment.
- Medical Expense Tax Credits: 21.05% (15% Federal, 6.05% Provincial ON)
- Any expense over 3% of gross taxable income (max deductible is $2,100)
|Net Taxable Income||$50,000||$50,000||$50,000|
|Less 3% of Income||$1,500||$1,500||$1,500|
|Allowable Medical Expense||$2,000||$6,500||$18,500|
|Medical Expense Tax Credit||$421||$1,368||$3,894|
One can also claim the portion of eligible expenses you and your spouse or common-law partner paid for a depandant ie. (you and your spouse’s child who was born in 1991 or earlier, or grandchild: or your spouse’s parent, grand-parent, brother, sister, aunt, uncle, niece, or nephew who was a resident of Canada at anytime in the year).