Optifast receipt for taxes
When my Optifast was shipped to me last summer, there was no receipt in the shipping box/packaging. I am just getting prepared to do my taxes and called the TWH clinic to ask about receipts ($300+) and I have to contact Medical Mart to pursue. Wondering if anyone else is in the same situation?
Anyone had any luck trying to deduct supplements? We have to take them for medical reasons - so they should qualify IMO.
on 3/21/16 1:43 am - Bumfuknowhere, Canada
Optifast has no DIN so it's technically a meal replacement. You can try and deduct anything you want for medical expenses but if Revenue Canada ask for proof only they can decide if they will allow or not. Their site is very clear the vitamins are not deductible but many still do it and unless they ask for proof you may get away with it. I simply don't bother as I don't want the possible grief. Takes a ton of medical expenses to make much difference.
To claim medical expenses on your taxes, you need to have spent at least $2,208 or 3% of your net income (whichever is less). So for most folks, a $300 receipt will not even be eligible to be claimed. I recommend keeping track of all of your medical expenses to see what you can do at tax time.
In my case, I was able to claim them the year of my surgery. I kept track of everything - mileage & gas to appointments, prescription drugs, hotel stay, etc.
Just keep in mind that that amount does not roll over year to year, it is for any 12 month period ending in the year you are filing for. So if you decide to include it with your 2016 taxes, it can be any 12 month period, as long as it ends in 2016. For example, Feb 2015 - January 2016 would be eligible. Keep this in mind as you organize your tax documents. You won't be able to include 2015 amounts + 2016 amounts in order to file, the way you can do with say, charitable contributions.
I'm not a tax expert, nor do I play one on TV, so you can always double check this with a tax professional.