Important Changes from CRA that Advisors Need to Know

Karen Taylor Smith is the Senior Manager, Group Benefits at The Benefits Trust. She has worked with The Benefits Trust since 1997, using her deep knowledge of employee benefit plans to customize the right solutions for businesses. Karen speaks, blogs, and contributes regularly to various media outlets on group benefits and compensation topics.

Important Changes from CRA that Advisors Need to Know

Changes from Canada Revenue AgencyThe Canada Revenue Agency (CRA) has replaced their former Interpretation Bulletins (IR) with Income Tax Folios.

The former bulletin used by many providers (including The Benefits Trust) as a common reference for determining eligible and ineligible expenses for Health Care Spending Accounts and executive benefits plans was IT-519R2, Medical Expense and Disability Tax Credits and Attendant Care Expense Deduction. It has been replaced by the following Income Tax Folios: S1-F1-C1, S1-F1-C2, and S1-F1-C3.

Click here to find the CRA’s new folio addressing medical expense tax credit. This updated information is crucial for advisors to know when helping their clients understand what expenses are eligible to claim.

>> Contact The Benefits Trust with any questions about eligible expenses.

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