Question
In 2020, Sid's net income was $65,000 while his wife, Linda's net income was $67,000. Their combined eligible medical expenses were $6,000 ($3,000 each). In
In 2020, Sid's net income was $65,000 while his wife, Linda's net income was $67,000. Their combined eligible medical expenses were $6,000 ($3,000 each). In addition, their 5-year-old daughter, Lilly had other eligible medical expenses of $2,500. None of these medical expenses were reimbursed by the Quebec government's health insurance plan nor through their employer's private medical plans. For Federal income tax purposes, the family medical expenses can be combined and claimed on one tax return, which is generally on the lower-income earner's tax return based on the formula: eligible medical expenses over the lower of (1) 3% of net income or (2) $2,397. What is the non-refundable tax credit amount for medical expenses using the non-refundable rate of 15%?
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