Time for my annual reminder to take a look at your medical expenses so far for 2024. There is about a month left in 2024 so there is still time to spend money on medical expenses.

The rule is that you can take a credit on your taxes for the medical expenses you incur which exceed 3% of your net income or the annual maximum of $2,759, whichever is lower. So, if you made $60,000 in 2024 your medical expenses have to exceed $1,800 for you to take a credit. If you have enough medical to claim for this year and you have some upcoming expenses it will make sense to spend that money in 2024.

Do you need new glasses, or a new order of contact lenses? Is there a dental procedure you have been putting off? Is now the time to pay for that MRI that your physiotherapist would like to see? If you have enough medical to claim and you have other expenses you could incur, then do this in 2024 because you know you can claim the credit.

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