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Video: 2020 Tax Tips for Retired Physicians

Watch our tax tips video for retired physicians to learn about what tax deduction and tax credits you may be entitled to.

Are you ready for tax time?

MD Financial Management’s “Tax tips for retired physicians” guide can help.

As a retired physician, income taxes are still likely one of your biggest expenses.

The key is to take advantage of all deductions and tax credits available to you, so you can minimize the taxes you pay and maximize what you keep.

Did you know that, in Canada, seniors can claim additional tax credits such as the age amount and the pension income credit?

There are also pension-splitting opportunities if you have a spouse or common-law partner.

Did you renovate your home to make it more accessible? You can get a tax credit for the eligible expenses.

Even better, such renovations can count as medical expenses, too. So, you can double up on the same expenses!

Allowable medical expenses are quite extensive.

Besides prescription costs, for example, you can claim attendant care expenses, travel expenses to get medical services and hospital services.

For more information, read MD’s “Tax tips for retired physicians” guide, or talk to a tax professional.