Qualified Deductible Expenses
If you are now, or intend to in the future, spend money on any of the following items, a Private Health Services Plan (PHSP) will save you money.
- Acupuncture
- Alcoholism treatment
- Ambulance
- Anesthetist
- Artificial limbs
- Attendant Care
- Birth control pills
- Blood tests
- Braces
- Cardiographs
- Cat scan
- Chinese medicine
- Chiropractor
- Contact lenses
- Contraceptive devices
- Crowns
- Crutches
- Dental implants
- Dental treatment
- Dental X-rays
- Dentures
- Dermatologist
- Detoxification Clinic
- Diagnostic fees
- Diapers for incontinence
- Dietician
- Drug addiction therapy
- Drugs (prescription)
- Eyeglasses
- Fees paid to health institute prescribed by a doctor
- Fertility Treatments
- Fluoridation unit
- Guide dog
- Gynecologist
- Hair Transplant
- Hearing aid and batteries
- Hospital bills
- Hydrotherapy
- Incontinence Products
- Insulin treatments
- Lab tests
- Laser eye surgery
- Lodging (away from home for outpatient care)
- Metabolism tests
- MRI
- Naturopath
- Neurologist
- Nursing home (incl. board & meals)
- Obstetrician
- Operating room costs
- Ophthalmologist
- Optician
- Oral surgery
- Organ transplant (including owners expense)
- Orthodontist
- Orthopedic shoes
- Orthopedist
- Orthotics
- Osteopath
- Out-of-Country Medical Expenses
- Oxygen and oxygen equipment
- Pediatrician
- Physician
- Physiotherapist
- Post-natal treatments
- Pre-natal care
- Prescription medicine
- Psychiatrist
- Psychoanalyst
- Psychologist
- Psychotherapy
- Radium therapy
- Registered massage therapy
- Renovations & Alterations to Dwelling (for severe & prolonged impairments)
- Special school costs for the handicapped
- Spinal fluid test
- Splints
- Sterilization
- Surgeon
- Telephone or TV equipment to assist the hearing impaired
- Therapy equipment
- Transportation expenses (relative to health care)
- Ultraviolet ray treatments
- Vaccines
- Vasectomy
- Viagra
- Vitamins (if prescribed)
- Wheelchair
- X rays
|
|
Note: This is a partial list. All allowable expenses must qualify as outlined in the Income Tax Act. Please refer to CRA Interpretation Bulletin IT-519R2 for a full list of allowable expenses.
Insurance companies work on a 25 to 35% profit margin on group insurance. Simply ask the Insurance Company for your "Claims Ratio". In other words, the money you paid in premiums vs. what was returned to you by way of claims. You will be able to see what was left on table. In our end analysis, group benefits such as Extended Health Benefits and Dental coverage are merely an amortization of pre-paid expenses, with a profit margin for the insurance company built in.
