Medical can be expensive, especially for someone getting frequently ill or the elderly. One of the most ignored medical expenses when filing taxes is eyeglasses. Almost every other person nowadays is suffering from ill vision. Many people lose sight at a very young age and are in need of eyeglasses. Almost every other elderly needs bifocal lens eyeglasses. This can be a huge expense for someone. This is also a medical disease and thus should be added to the medical expense.
Health care in Canada
Canada generally boasts a very well thought out healthcare system. It ensures its residents are well looked after and medical is accessible for all. All basic facilities are covered in the healthcare insurance provided by the government. However, it does not cover extensive healthcare plans. These include prescription medications, physiotherapy, dental care, ambulance services, and prescription eyeglasses. For this, a person needs to get private insurance. For expenses like you need optional/supplemental vision insurance.
For many Canadians, loss of vision is a common issue that severely debilitates the quality of life. Vision care insurance is funded by the government in Canada; however, mostly, you need to pay extra for this insurance, and thus it is important to pick a good insurance company. Vision Insurance is a wellness plan to prevent you from spending a lot of money on routine eye exams as well as prescription eyeglasses. Vision plans usually cover the cost of annual eye examinations, eyeglasses frames, eyeglasses lens which includes lens coating as well as enhancements, contact lens, and lastly for provides discounted rates for eye surgeries like LASIK and PRK. Vision insurance costs may vary from the programs you choose.
Options and expenses of buying Eyeglasses in Canada
There are many options for buying eyeglasses in Canada. There are numerous shops available as well as options for buying eyeglasses online. With insurance, eyeglasses can be covered by insurance. However, if you don’t have vision insurance, here is an overview of how much eyeglasses can cost.According to the Canadian Journal of Ophthalmology, prescription eyeglasses range from $240 a pair to $1000. These include eye lenses. Apart from that, the frame can cost an average of $97 at a shop, and in eyeglasses, online, the frame can be $137. Due to this high price, many people with vision problems look for vision insurance or tax-deductible options.
Are Eyeglasses really a medical expense?
Eyeglasses, as well as contact lenses, whether bought online or from the shop, are medical expenses. However, these medical expenses are eligible to claim on a tax return. The same is the case of corrective eyewear. These expenses can be very costly; thus, it is better to deduct tax from them. This fact is overlooked by a lot of Canadians. In order to claim these expenses, only a few documents are to be provided.
- Receipt inclusive of the date of the purchase
- Prescription of eyeglasses
Claiming Eyewear in Tax deductions
Being able to claim eyewear as a tax-deductible medical expense can help bring down the overall cost of frames as well as contact lenses. To claim eyeglasses as tax-deductible, it is extremely crucial that you have your current prescription. As well as any bills from your visit to the doctors related to it. It is best to have all the documentation to back you up.
It is also extremely important to keep in mind that in order to claim medical expenses as a tax deduction, the medical payment must be made within the year you are filing that tax. For example, a medical payment received in 2020 but does not have to be paid till 2021 cannot be deducted in the year 2020 while filing taxes.
More Medical expenses in Canada that are tax-deductible
Some of the common medical expenses which are eligible to claim during filing taxes are Acoustic coupler, Air conditioner, Air purifier or filter, any Ambulance services, Personalized therapy plan, needles and syringes, organ transplant, prescription eyeglasses, Artificial eye or limb as well as things like prescription drugs and medications. In Canada, the time to file taxes is in April, so a lot of people rush to gather documents; however, it is very important to look for expenses that are tax-deductible.