Medical expenses tax credits are probably one of the least understood tax credits
The medical expense tax credit is a non-refundable tax credit that you can use to reduce your taxes in the year. If you paid for healthcare expenses, you may be able to claim them as eligible medical expenses on your tax return. These expenses include a wide range of products, procedures and services, for medical and dental purpose.
Generally, you can claim all amounts paid, even if they were not paid in Canada.
You can only claim the part of an eligible expense for which you have not been or will not be reimbursed. Claiming medical expenses can be done on a non-calendar period by only considering expenses paid in any 12-month period ending in the tax year and not claimed by you or anyone else in prior year.
And to answer a frequently asked question – no, over-the-counter medication, vitamins and supplements are not eligible for this tax credit, even if prescribed by a medical practitioner.
You can now claim your cannabis as medical expense if it has been prescribed to you for medical purposes. Make sure you have a prescription from an authorized medical practitioner to purchase cannabis from a licensed producer. You can only claim the amount for medical fresh or dried cannabis, cannabis oils, and cannabis seeds and plants. Recreational cannabis and costs related to growing or accessories such as lights, containers and other storage, fertilizers, vaporizers, pipes, capsules, or capsule filler machines cannot be claimed.
Medical expenses incurred in the year must exceed 3% of your net income.