What are the two sure things in life that everyone wishes to avoid?
But as your therapist I invite you to speak of?
That’s right: death and taxes.
Today let’s talk about taxes.
It’s tax season again (due April 30th). I want to be sure that everyone who doesn’t have benefits paying for all or some of their counselling expenses knows that you can claim our session fees as a tax credit on your personal income tax returns. While I am not an accountant or tax attorney and cannot give financial or legal advice, according to the Canadian Revenue Service, Psychologists and Social Workers are authorized medical practitioners for the purposes of the medical expense tax credit in most provinces and territories.
The medical expense tax credit is a “non-refundable tax credit that you can use to reduce the tax that you paid or may have to pay. If you paid for healthcare expenses, you may be able to claim them as eligible medical expenses on your tax return.”
Look for Line 33099 or 33199 on your or your dependent’s claim forms.
Should you require more information regarding the medical expense tax credit, I would recommend speaking with your accountant, www.accountants calgary.com or referring to the information on the CRA website here.