Health & Dental Premiums: A Commonly Missed Tax Savings Opportunity

As tax season approaches, many Canadians overlook simple strategies that can reduce their taxes. One of the most commonly missed tax credits is the ability to claim premiums paid for health, dental, and travel health plans. Despite being straightforward, many taxpayers assume it’s too difficult to calculate or unsure which premiums qualify — leading to missed savings.

What Premiums Are Eligible?

You can generally claim premiums paid for:

• Private health and dental insurance plans

• Travel health insurance purchased for trips outside Canada

• Coverage for yourself, your spouse or common-law partner, and dependent children

It’s important to note that premiums paid through an employer plan may already be included in your benefits package and are usually not deductible, but premiums you pay out-of-pocket are eligible.

Why This Tax Credit is Often Missed

The misconception that claiming health and dental premiums is difficult leads many Canadians to skip it entirely. In reality, all you need are receipts or statements from your insurance provider showing the amounts paid during the tax year. Once recorded, these amounts can be claimed on your personal income tax return, providing a non-refundable tax credit that reduces your overall tax liability.

Recommended Strategy for Optimal Tax Savings

1. Keep all receipts and statements for premiums paid during the year.

2. Separate employer-paid premiums from personally paid premiums to avoid duplication.

3. Include travel health insurance premiums, especially if you travel frequently outside Canada.

4. Combine this with other underused tax credits and deductions for maximum savings.

Working with a qualified professional ensures no eligible amounts are missed and your tax filing is accurate.

How K Liu Accounting Services Inc. Can Help

At K Liu Accounting Services Inc., we help Canadians and small business owners identify underused tax credits like health and dental premiums. Our team provides comprehensive tax and accounting services, including guidance on eligible deductions, tax preparation services, and planning strategies for optimal savings.

Whether you’re looking for a small business accountant, tax-preparer or a bookkeeping firm, our experts help you claim every eligible deduction while ensuring compliance and accuracy. Don’t leave money on the table this tax season — let our team guide you through all the tax preparation services you need to save confidently.

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