Hearing aids are tax deductible
Did you know that hearing aids are tax deductible? If you purchased hearing aids in the last year, you can list them as medical expenses and are eligible for a tax credit on your income taxes. Plus, you may be eligible to claim the federal Disability Tax Credit and New Brunswick Disability Tax Credit to help cover expenses related to your hearing loss. Keep reading to learn more.
Federal tax credits and hearing aids
Medical expenses, including hearing aids, are eligible for a tax credit as long as you (or your spouse) paid for them within the last year and will not be reimbursed for the expense from your private insurance. When you file your taxes, you should list how much you paid for your hearing aids on line 330 of your tax return. Make sure to claim the corresponding tax credit on your provincial schedule (line 68).
Depending on the severity of your hearing loss, you may also qualify for the federal Disability Tax Credit. This non-refundable tax credit is designed to offset the financial consequences of living with a disability—such as hefty medical bills or temporary unemployment—over a long period of time. Since permanent hearing loss counts as a disability, you could receive credits to help pay for your hearing aids and related costs such as repairs, batteries and additional listening devices.
In order to qualify for the Disability Tax Credit, you have to fill out the T2201 Certificate and have it approved by the Canada Revenue Agency (CRA). You’ll also need a licenced medical practitioner, such as an audiologist, to sign the form certifying your hearing impairment before sending it in for approval.
What is the New Brunswick Disability Tax Credit?
You can also apply for a disability credit on your tax return to cover the costs of your hearing aids. Under the New Brunswick Disability Tax Credit, you may be able to receive credits each year for expenses related to your disability, which can include hearing assistance devices. To receive credit, your hearing loss must be considered a prolonged impairment that impacts your daily life and has lasted, or is expected to last, for 12 consecutive months.
If you suspect you need hearing aids but are worried about the expense, talk to your audiologist to find out what types of federal and provincial tax credits may be available to help you cover the costs.
Argus Audiology: hearing solutions in New Brunswick
Whether you need new hearing aids or it’s simply time to have your hearing checked, don’t hesitate to make an appointment with an audiologist at Argus Audiology. We have five clinics located throughout New Brunswick furnished with state-of-the-art equipment for evaluating hearing loss and provide all types of hearing aids and hearing protection. To make an appointment, contact us today.