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In 2020, to claim the Federal tax credit for medical expenses, an individuals eligible medical expenses had to exceed $2,397, or 3% of his/her net
In 2020, to claim the Federal tax credit for medical expenses, an individuals eligible medical expenses had to exceed $2,397, or 3% of his/her net income, whichever is less.
Chlo paid the following medical expenses in 2020. Her salary was $85,225, and she made TFSA contributions of $3,000. What was her medical tax credit?
Herself | $ |
Dental | 1,000 |
Over-the-counter, unprescribed cold remedies | 52 |
Premiums to her corporate medical plan | 1,100 |
Prescribed thyroid medication | 78 |
Husband |
|
Prescribed compression socks | 400 |
- $21.25
- $24.48
- $27.15
- $34.95
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