Is propecia tax deductible?
I recently heard that prescribed medicine is tax deductible given that the expense is over $2000 ish.
Does that mean propecia tax deductible?
Does that mean propecia tax deductible?
Apr 23rd, 2018 4:29 am
Apr 23rd, 2018 11:46 am
Apr 23rd, 2018 12:05 pm
Consult an accountant or tax lawyer. Does taking it assist with your job or is part of your income generating? If that's the case, it may be tax deductible. Simplest example is lunches. Business lunches are deductible; personal ones are not.gushingtears wrote: ↑ I recently heard that prescribed medicine is tax deductible given that the expense is over $2000 ish.
Does that mean propecia tax deductible?
Apr 23rd, 2018 1:24 pm
Apr 23rd, 2018 9:30 pm
gushingtears wrote: ↑ I recently heard that prescribed medicine is tax deductible given that the expense is over $2000 ish.
Does that mean propecia tax deductible?
Apr 23rd, 2018 10:45 pm
Apr 24th, 2018 1:25 am
Apr 24th, 2018 11:50 am
Apr 24th, 2018 3:04 pm
Apr 24th, 2018 4:10 pm
Apr 24th, 2018 4:14 pm
Apr 24th, 2018 6:47 pm
With the last budget, CRA has declared that "cosmetic" medical procedures will no longer qualify as a medical expense on personal Canadian tax returns. Procedures such as hair transplants, botox injections, teeth whitening etc, will no longer be deductible as qualified medical expenses. And this likely would include any medication that works at giving your hair back.gushingtears wrote: ↑ I recently heard that prescribed medicine is tax deductible given that the expense is over $2000 ish.
Does that mean propecia tax deductible?
Why can't we all just get along?
Apr 24th, 2018 9:51 pm
jeff1970 wrote: ↑ With the last budget, CRA has declared that "cosmetic" medical procedures will no longer qualify as a medical expense on personal Canadian tax returns. Procedures such as hair transplants, botox injections, teeth whitening etc, will no longer be deductible as qualified medical expenses. And this likely would include any medication that works at giving your hair back.
Though you can always call a tax accountant to see if you can get a different answer.
Apr 24th, 2018 9:53 pm
Apr 25th, 2018 10:23 am
Apr 25th, 2018 12:06 pm
Apr 25th, 2018 1:16 pm
They can try, but will CRA consider it legit? I can't imagine them accepting that.sahiljain22 wrote: ↑ As a physician I can tell you I have had patients claim that and even private hair transplant surgery before.
Apr 25th, 2018 2:15 pm
Apr 26th, 2018 10:23 pm
May 1st, 2018 7:25 am
That might be so in the past (prior to 2010). It might be so even now if the CRA doesn't ask for proof of expense. But I can tell you categorically that the info your giving is incorrect.sahiljain22 wrote: ↑ As a physician I can tell you I have had patients claim that and even private hair transplant surgery before.
I'm sure in the above case, if hair loss was the result of an accident, or perhaps cancer, they may allow it. Otherwise, nope.Non-eligible expenses include:
liposuction;
hair replacement procedures;
filler injections (for removing wrinkles);
teeth whitening.
An expense may qualify as a medical expense if it is necessary for medical or reconstructive purposes, such as surgery to address a deformity related to a congenital abnormality, a personal injury resulting from an accident or trauma, or a disfiguring disease;
Anecdotal evidence shouldn't be given out as tax advice. Nor should incorrect advice be given outright, as I highlighted and underlined. It used to be pretty easy to play fast and loose with the CRA in regards to medical expenses, as long as the numbers seemed within reason. Even with a modest income and moderate medical expenses, the savings were minimal. However this isn't the case anymore, as the CRA is clamping down on illegal expenses.For somebody (male or female) hair on their head might be as important as nail fungus or a big non-cancerous spot on their face or one leg being shorter than the other or a reconstructed breast after mastectomy. As long as its justifiable, reasonable and is supported by a physician with a letter, the CRA will be ok with it in my experience. Again, CRA's job isn't to justify one person can have this allowance for reason A and another person not for reason B which isn't the same but perhaps is similar.
For propecia, if OP has a prescription, it will be allowed. Due to the amount, it might be worthwhile to have the prescribing physician certify this was indeed for this health (and not for resale, recreational purposes).
Why can't we all just get along?
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