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Deduct Your Travel Expenses incurred in Medical Travel

Note: The following article is applicable to patients from Canada

When it comes to deducting travel expenses, make sure you understand all of the rules before you even begin the process.

According to Chartered Accountant Nathan Choran, Goldfarb, Shulman, Patel & Co. LLP in Concord, Canada Revenue Agency (CRA) has very specific regulations about what can and cannot be deducted.

"The general rule for self-employed individuals and corporations is that travel expenses are deductible as long they are incurred for business purposes."

"While travel expenses are usually equated with business or employment, another key area that should not be overlooked is medical travel ," explains Chartered Accountant Ron McFadyen, McFadyen Consulting, in Niagara on the Lake.

"If medical care is not available nearby, then your travel expenses may qualify as medical expenses for the tax credit, saving you potentially significant costs."

Medical Travel Expenses

"Make sure you keep detailed records," continues McFadyen, "because once again the rules are complicated.

"CRA stipulates that it must be necessary for you to travel away from your community to obtain the medical treatment - similar services cannot be available locally."

Your travel must also meet two distance thresholds. To deduct vehicle expenses or alternate transportation costs (bus, train or plane) you must be required to travel at least 40 kilometres one way to seek medical services. And if you are required to travel at least 80 kilometres one way, then you can also deduct your accommodation, parking and meals.

Generally, meals and accommodation are restricted to the patient. However, if you are accompanying the patient, you may be able to write off your meal and accommodation expenses as well. To qualify, a doctor must certify that an attendant is necessary.

To claim medical expenses, you must retain your receipts for each expense. If you do not have receipts, then you can follow the allowable flat-rate amounts prescribed by CRA. Currently, the flat rate travel allowance is 55.5 cents per kilometre travelled and $17 per meal, or $51 per day.

Both Choran and McFadyen agree: it's wise to know the rules and seek professional advice from a Chartered Accountant to avoid problems at tax time.

For assistance with organizing your medical travel trip, contact us .

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Source: http://canadafreepress.com/index.php/article/12405

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Healthbase is the trusted source for global medical choices, connecting patients to leading healthcare facilities overseas. Healthbase's state-of-the-art, easy to use, information rich web-based system helps you research and arrange your medical care including necessary travel and accommodation, all at one place. We arrange first class services for patients at major internationally accredited hospitals in Singapore, Thailand, India, Mexico, Panama, Turkey, Costa Rica, Hungary and expanding to Argentina, Brazil and Malaysia. The cost of surgical care at our ever growing network of affiliated institutions is typically a fraction of the cost of care in the U.S. with equal or superior outcomes.
Healthbase's Dental Tourism provides a wide range of dental procedures through its partner dental offices and hospitals network in Mexico, Panama, Thailand, Singapore and India.
Over two hundred medical, dental and cosmetic procedures are available in various categories: Orthopedic procedures such as hip replacement, Birmingham hip resurfacing, artificial knee replacement, knee surgery, cosmetic procedures such as breast augmentation, face lift, rhinoplasty (nose surgery), liposuction, dental procedures such as bridges, implants, crowns, and procedures in categories such as cardiac, vascular, spinal, obesity, eye, LASIK, urology, general surgery, plastic surgery, laparoscopic surgery, weight-loss surgery, wellness and much more. The savings are up to 80% from typical USA prices.

Medical Tourism is the act of traveling abroad to receive medical, dental and cosmetic care. Medical Tourism is also called as Medical Travel, Health Tourism, Health Travel and Medical Value Travel. Significantly lower costs for best practice care is usually the primary motivation although some medical tourists go abroad for immediate availability of procedures and unavailable treatments. Patients frequently take advantage of the opportunity to vacation and tour inexpensively in the country they are visiting.
Note: All medical procedure information presented here has been obtained from publicly available medical resources and is here for reference purposes only. Healthbase does not claim to be a medical professional and does not provide any advice on any issues relating to medical treatment.

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