Asked
hi Rave to anyone who can help me a Tax filing question.I did not make any medical and dental claims for 2022 last year,can i claim 2 years on my return this year?I'm a newby at this and would like to do it myself..thanks!
Clint’s answer
Medical expenses can be claimed on what is called a rolling calendar year. You can claim taxes in any 365 day period, 366 if a leap year is involved. This means you can claim from Jan 2, 2022 to Jan 1, 2023 to capture those expenses...
The reason for this is because there is a ceiling you must break through in order to have your claims start counting. The lesser of 3% of your net income or $2,635 must be reached in qualified medical expenses before you see an effect on your taxes payable. This is the reason for the rolling calendar.
It's because there are times when a major medical event may occur in someone's life that can span a typical calendar year and it would be a major hardship to have to reach that ceiling twice for the same medical event, such as a traumatic accident requiring multiple surgeries and rehab, or cancer treatment. Does this help answer your question?
March 22, 2024
From Ask Clint: real questions from a Canadian public finance forum, answered by Clint Cole. Names are changed. This is general information, not advice for your situation, and rules and dollar figures may have changed since Clint answered. Terms