IF YOUR NEW YEAR’S RESOLUTION IS TO EXERCISE MORE, IT COULD BE A TAX DEDUCTION IN ONTARIO
If getting fit is your goal for the new year, seek out a personal trainer that is a Registered Kinesiologist. An Ontario Kinesiologist can help you stick to your New Year’s resolution – and maybe even save you cash on tax day, too.
Kinesiologists in Ontario are provincially regulated health professionals in exercise and human movement. Since 2014, the Canada Revenue Agency has recognized Kinesiologists as among the medical practitioners whose services are tax-deductible. That means you can not only work with a Kinesiologist to make the most of your New Year’s exercise routine, you may also be eligible to get a tax deduction for your effort.
Aside from Registered Kins possibly saving you money at tax time, they have specialized knowledge of physical functioning, human mobility and preventative exercise suitable to help you not only get in shape, but optimize your body’s performance helping you maintain your health and avoid future medical conditions.
Canada Revenue Agency allows taxpayers to claim medical expenses like the services of a Kinesiologist for themselves, one’s partner or any children aged 18 or younger.
How much can you write off?
CRA allows you to claim any expenses after the first $2,208 you spend, or after the expenses exceed three per cent of your net income – whichever is smaller.
Being able to claim those expenses makes it easier for Ontarians to seek the services of Registered Kinesiologists, if kinesiology services aren’t covered by your extended health benefits obtained through your employer.
Did you know that your extended health benefit plan can cover Kinesiology Training?
Call and ask if your plan covers Kinesiology. If it doesn’t, ask your employee to add this essential service to your benefits.
Your body – and your bank account – will thank you.
To learn more about how we can help you, visit us at www.alignfamilyfitness.com