is medical cannabis tax deductible in canada

EY is a global leader in assurance, consulting, strategy and transactions, and tax services.The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Today might be April 20, but it is best known by many as 4/20, celebrated as the “highest” holiday, for all things marijuana. As we gear up towards filing our 2021 income taxes, it seemed like the best day to also mention how cannabis might impact our taxes. cannabis store west edmonton may claim a non-refundable tax credit on medical expenses for yourself, your spouse, and dependent children. While either spouse can make the claim, as with charitable donations, medical expenses should usually be added together and claimed on the income tax return of one spouse (usually the lower income spouse) in order to maximize tax savings. You are not restricted to claiming on a calendar year basis as you can claim medical expenses for any 12-month period that ends in the year. The most commonly missed expenses are dental bills, eye glasses, private medical insurance (including certain travel medical insurance premiums), and certain travel costs such as travel to regional or provincial centres for treatment.