There are a multitude of small business owner medical expense deductions available by using a Health Spending Account or Private Health Services Plan.
Here's a quick peek at the types of deductions.
A Health Spending Account is a tax planning vehicle that enables small business owners in Canada to pay for 100% of their personal medical expenses through their business.
Qualified Medical Practitioners
1. Acupuncturist (R.Ac.)
2. Anaesthesiologist
3. Audiologist
4. Chiropodist
5. Chiropractor (DC)
6. Dentist (DH, RDH, DT, RDT, DMD)
7. Denturist (DH,RDH,DT,RDT,DMD)
8. Dermatologist
9. Gynaecologist (Ob.Gyn)
10. Naturopathic Doctor (ND)
11. Neurologist
12. Obstetrician
13. Oculist
14. Ophthalmologist
15. Optician
16. Optometrist (OD)
17. Orthodontist (DH, RDH, DT, RDT,
18. DMD)
19. Orthopaedist
20. Osteopath (DO)
21. Paediatrician
22. Physician (MD)
23. Physiotherapist (B.PhysT, B.ScPhysio,
24. B.Physio, CPTA) Podiatrist (DPM)
25. Practical Nurse (LPN)
26. Psychiatrist (C.Psych)
27. Psychologist (PsyD)
28. Registered Nurse (RN)
29. Social Worker (RSW, RCC, MFT)
30. Speech Therapist (SLP)
31. Surgeon
32. Therapeutic Massage Therapist
33. (NHPC)
34. X-Ray Technician
Eligible Prescribed Medical Devices and Equipment
35. Devices designed to assist walking where the individual has a mobility impairment
36. Devices designed to assist a person to use bathtubs, showers or toilets
37. Devices designed to enable individuals with a mobility impairment to operate a vehicle
38. Devices used by individuals suffering from chronic respiratory ailment or a severe chronic immune system deregulation
39. Electronic or computerized environmental control systems for individuals with severe and prolonged mobility restrictions
40. Electronic speech synthesizers for mute individuals
41. Equipment that enables deaf or mute persons to make and receive telephone calls including visual ringing indicators, acoustic coupler, and teletypewriter.
42. External breast prosthesis
43. Extremity pumps or elastic support hose to reduce lymph edema swelling
44. Heart monitors or pace-makers
45. Hospital bed, if required in-home
46. Inductive coupling osteogenesis stimulator
47. Monitors attached to babies identified as being susceptible to Sudden Infant Death Syndrome (SIDS)
48. Optical scanners or similar devices for a blind individual to enable him/her to read print
49. Orthopaedic shoes or boots
50. Oxygen tent
51. Power operated guided chair installation for stairways
52. Power operated lifts and transportation equipment designed to allow access to buildings, vehicles or to allow wheelchair access to a vehicle
53. Rehabilitative therapy, lip reading and sign language training
54. Synthetic speech systems, Braille printers and large printon-screen devices that enable blind persons to utilize computers
55. Specially trained animals to assist blind, deaf, or severely impaired persons, including the cost of its care and maintenance
56. Syringes
57. Television closed caption decoders
58. Wigs if required as a result of disease, accident or medical treatment
More small business owner medical expense deductions
59. Ambulance charges
60. Art therapy
61. Artificial eye or limb
62. Artificial kidney machine, including installation and operating costs
63. Basic cost of Medic Alert jewellery
64. Blood pressure devices
65. Blood test
66. Blood transfusion
67. Bone marrow transplant
68. Brace (limb or spinal)
69. Cardiographs
70. CAT Scan
71. Catheters, catheter trays, tubing,adult diapers and disposable briefs required by incontinent persons
72. Christian science counselling
73. Colostomy pads
74. Crutches
75. Dental services (crowns, fillings,cleanings, lab tests, etc).
76. Denture repair / replacement
77. Devices to aid the hearing of a deaf person including bone-conduction telephone receivers, extra-loud audible signals and devices to permit volume adjustment of telephone equipment above normal’ levels
78. Diabetic supplies
79. Diathermy
80. Fertility treatments
81. Hearing Aid batteries
82. Hernia truss
83. Home-maker service & Home care (attendant must be a non-relative – only eligible when other household members are physically incapable of home care)
84. Injections
85. Insulin or substitutes
86. Iron lung
87. Laryngeal speaking aid
88. Lasik eye surgery
89. Liver Extract – inject-able for pernicious anaemia
90. Massage Therapy
91. Metabolic tests
92. MRI scan
93. Nicotine patch
94. Operating room fees
95. Organ transplant
96. Oxygen
97. Pre-natal/Post-natal treatments
98. Prescription birth control pills & devices
99. Prescription drugs
100. Prescription glasses / contact lenses
101. Private/Semi-private hospital room fees
102. Reasonable costs for adapting a residence to accommodate a disabled person (ex: wheelchair ramp, lifts, bath facilities, etc)
103. Reconstructive surgery
104. Rocking bed for polio patient
105. Spinal fluid tests
106. Stool examinations
107. Urine analysis
108. Vaccines
109. Vision Care
110. Vitamin B12 – for pernicious anaemia
111. Weight loss programs (medical portion only, for example nutrition counselling, lab fees for blood work)
112. Wheelchair
113. X-Ray
Travel Expenses
114. Travel Expenses Medical expenses incurred while travelling may be eligible if you do not have alternate insurance, or if the service is not readily available in your locale. Travel must be necessary for services or expenses to be eligible and may include mileage, meals, accommodations, etc.
115. Air Cleaners – must be prescribed by an MD for a respiratory problem.
116. Air conditioners, humidifiers/dehumidifiers, cooling units-eligible if accompanied by a detailed letter from an MD stating it is required for a medical condition.
117. Athletic therapy – must be performed by an MD,
118. Physiotherapist, or Registered Massage Therapist
119. Biofeedback – must be performed by a qualified medical practitioner (ex: MD, RN, ND, DC, R.Ac)
120. Botox injections – eligible if required for a medical condition
121. Circumcision – must be performed by an MD
122. Clinical Hydrotherapy – must be prescribed by an MD for arthritis or musculo skeletal disorder.
123. Cord Blood Collection – qualified only when detailed letter by MD is provided that outlines the procedure is for testing purposes only.
124. Cosmetic Surgery – Must be for medical or reconstructive purposes and not to purely enhance appearance. A Medical Doctor’s note is required.
Are you a Canadian small business owner with no health insurance or looking for an alternative? Over 30,000 small business owners across Canada have been using the Olympia Health Spending Account since 1997.