By Dr. Jean-Jacques Dugoua, ND
It’s January 2004 and you now have only two months left to maximize your retirement savings plan (RSP). Gasp. Your accountant will be getting in touch with you to begin the process of sorting out your income tax for 2003. Double gasp. You find yourself tearing through files and folders gathering every receipt you can think of. Is there anything you may have overlooked for deduction? How about: vitamins?
Yes, it is true. If vitamins, supplements, herbs, organic foods or other natural products are necessary to your health, they may be deducted from your income tax. A recent ruling in the Tax Court of Canada gave the right to deduct the cost of supplements provided you have a receipt and suffer from a serious medical problem. These vitamins may be purchased not only from pharmacies, but supplement markets, health food stores, dispensaries, health care professionals and other sites where these products are sold.
Ray vs. Canada
Under paragraph 118.2(2)(n) of the Income Tax Act, vitamins and supplements were previously only tax deductible if prescribed by a physician or dentist and issued by a pharmacist.