$10,000 tax credit.. What is it and how do you collect in Canada

mauramae · 02-22-2006, 11:54 PM

I have a question for you. When I attended my seminar, they told me that I am entitled to a $10,000 tax credit. What exactly does that mean? Does that mean that my taxable income is decreased by $10,000 and therefore I will receive a refund on the taxes I paid on the $10,000?

NASCAR CYSTER · 02-23-2006, 03:40 AM

Did you attend a seminar in the US or Canada?

I know in the US the $10K tax credit is provided by our Federal Government on our Federal Taxes.

I'm not sure if Canada gives that break.

mauramae · 02-23-2006, 04:38 AM

I attended the seminar in Canada. You are very lucky to be living in the U.S. I hear they also pay for your IVF (my cousin who lives in Boston told me this).

NASCAR CYSTER · 02-23-2006, 07:23 AM

That is not true for every state in the US. Some states make it mandatory for your insurance company to pay for IVF, but that has nothing to do with the Ferderal Government.

I live in the state of GA and ended up paying around $40,000 for my IVF (that was after testing and prep to get ready for the IVF). None of my IVF costs have ever been covered. I've tried IVF 2 times and it never worked for me. I wish it was covered by the US government!

I thought that I had read posts on here that in Canada your insurance covers so many tries with IVF. Is this not true?

mauramae · 02-23-2006, 01:43 PM

Regulare medicare does not cover IVF. You have to have insurance from work and the insurance from work only covers the medication for IVF.

On the other hand, ovarian drilling is covered by medicare.

strawberree · 02-23-2006, 05:38 PM

hum... thats interesting that the seminar said u were eligible for the tax credit in Canada.. im not going to lie i have no idea about taxes in Canada or to be honest anything about how your govt works ..other than soon if i want to go to the falls i need a passport instead of my birth certificate.. i would check a canadian govt web site

LadyBugg · 02-23-2006, 09:21 PM

The tax credit is new in Canada this year. From what I understand, they do just take the 10,000 off your taxable income and then you receive the taxes back on that amount. When we claim it next year I am going to pay an accountant to do my taxes and make sure it's done right! :-)

Twinmommy2008 · 03-24-2006, 03:58 AM

It's a tax credit of up to 10,000 or 16% whichever is less. ie. You spend 10,000 on adoption. You can write off 1600 off the total taxes you paid. Kinda a rip off in my opinion.

mauramae · 03-24-2006, 02:21 PM

That's what I suspected. Thanks for confirming it!