Patient
Financing > Tax benefits
In Canada, elective medical procedures, including cosmetic surgery, may qualify as a medical expense for income tax purposes.
In the case of cosmetic surgery, you can claim your expenses as long as the total yearly expense exceeds 3% of your total income (Depending on provincial tax rules in your region).
| Here is an example of how it could work for you... |
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Let's say your income was
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$50,000
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3% of that would be
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$1,500
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| A cosmetic surgery such as a facelift could cost |
$10,000
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The first $1,500 you spend on cosmetic surgery does not qualify.
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| The remaining amount, qualifying for tax exemption would be |
$8,500
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In this tax bracket, based on the 2001 tax rate, 22% of your
income would go to pay income tax.
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Therefore, $8,500 of the
money you spent on your facelift would qualify for a
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22% rebate
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It is possible for families to pool elective medical expenses and have the lowest income earner claim the credit.
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financing
