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Discussion Starter #1 (Edited)
another tax question: MSP deductible or not?

Is the MSP a medical expense? it's stand to reason that it SHOULD be, but I'm getting conflictiong responces from few people I've asked.
6 days to go people!!!
 

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Discussion Starter #3
Spike said:
That *is* a good question. Don't have the answer for you, unfortunately.

it'd stand to reason that is should be, since it's mandatory and all.
but some peeps are telling me it's not.
 

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its insurance so no, if you were hurt/sick and started paying for prescription marijuana then this would be considered as medical expense.
 

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Discussion Starter #5
Vili said:
its insurance so no, if you were hurt/sick and started paying for prescription marijuana then this would be considered as medical expense.
that's what someone said, but that said, I can write off insurance on the business vehicle, not just repairs. so it'd make sense that I SHOULD be able to write off insurance on my body(which I need for doing business lol) NOT just repairs for it :)
 

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West Koots, I'm here....
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Jester666 said:
so it'd make sense that I SHOULD be able to write off insurance...
And therein, lies your faulty logic. It is, after all, government, therefore the "normal" rules of logic do not apply!! Too bad though. It would also be nice to be able to write off the interest paid on a mortgage, as they can in the USA.
 

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Je ne suis pas Francais
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I got the answer, no it's not a medical expense so you can't write it off.
 

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Discussion Starter #8
nutcracker said:
I got the answer, no it's not a medical expense so you can't write it off.
do you know their official reasoning why it can't be written off?
at this point I'm just curious.

BTW for those that haven't filed yet, try www.Ufile.ca
Pretty cool stuff. Easy, fast and good AI.
 

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flyfishinwoman said:
And therein, lies your faulty logic. It is, after all, government, therefore the "normal" rules of logic do not apply!! Too bad though. It would also be nice to be able to write off the interest paid on a mortgage, as they can in the USA.
There are certian situations where you can write of the interest on your mortgage, if not at least a percentage. ie rental units ;-)
 

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The Wizard
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unless you are barely making any money, it's a moot point. Medical expenses don't count for anything until they exceed 3% of your net income.
 

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Discussion Starter #12
Focker said:
unless you are barely making any money, it's a moot point. Medical expenses don't count for anything until they exceed 3% of your net income.

ya I realised that now..It made a $43 difference in my refund..
I friggin wish now I didn't enter that at all, It hasn't occured to me even for a moment that it could not be allowable as a deduction.
now they're gonna think I'm trying to scam something...
 

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notice word "bussiness insurance" as opposed to "personal insurance".

You can write off hella lot more if its bussiness related.
 

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Jester666 said:
somebody watches to much South Park...
HEY SCREW YOU FATASS! :laughing (joke)

Its a great show promoting tolerance and flatuation
 

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The Wizard
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An important rule of thumb you can fall back on (with some exceptions) is ask yourself the question "Did I incur this expense for the purpose of earning income?"

If the answer is NO, it likely is not deductible. A fall back plan is to seek professional advice.
 

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Discussion Starter #18
Focker said:
An important rule of thumb you can fall back on (with some exceptions) is ask yourself the question "Did I incur this expense for the purpose of earning income?"

If the answer is NO, it likely is not deductible. A fall back plan is to seek professional advice.

well, that's what I thought. And since I need to stay healthy to earn income, and MSP provides me means of either staying healthy or getting healthier quicker, as to prevent loss of productivity and therefor loss of income, it stands to reason I should be able to write it off.

And if I can't write it off, then I SHOULD have a choice wether to pay it or not...That would be fair, no?

Focker said:
A fall back plan is to seek professional advice.
**wink wink*??
 

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flyfishinwoman said:
Too bad though. It would also be nice to be able to write off the interest paid on a mortgage, as they can in the USA.
You don't really want that. It sounds like a great idea until you have to sell a house that's gone through this insane housing boom right now in the lower mainland. Then you have to pay capital gains taxes on the increase in value.

Another little-known fact: if you rent out a basement suite and make any write off's against the income, you have to pay capital gains on that percentage of the house when you sell it. Sucks, but it's true.
 

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The Wizard
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Jester666 said:
**wink wink*??
I'm too expensive, but there are good people around. You DO get what you pay for, but in most cases there isn't much tax planning that can be done. The costs often outweigh the benefits until you are on a large scale.

That and any "loophole" you may have heard of from a buddy at work is not a loophole, but rather a scam and you WILL get burned.

Some of my favorite scams that have come around lately that you will get burned on (deny the deduction altogether, assess penalties, interest etc.)

  • The artwork/charitable donation scam. Buy art for $50, appraised at $500, donate to charity and get $500 charitable donation. THIS IS A SCAM
  • Same as above except instead of art, insert software
 
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