Claiming Medical Cannabis as a Medical Expense
As we enter tax season, we'd like to remind everyone that taxes are due April 30! Fortunately for legal medical cannabis patients, the Canada Revenue Agency (CRA) has confirmed that medical cannabis is an allowable medical expense when filing taxes. Individuals must have a prescription for medical marijuana from a health care practitioner and then purchase it from a licensed producer.
The total amount of eligible expenses that you (or your spouse or common-law partner) paid may be entered on your return. To determine the amount your spent on medical cannabis with Tilray, simply follow these steps
- Log in to your account at tilray.ca
- Under your profile, click on the ORDERS tab.
- From here you can DOWNLOAD your invoices from 2018 and simply add together the total of all orders.
- Keep in mind that although the CRA does not require receipts to be sent in with tax forms, they may request them at any time.
Your tax credit is determined by taking the lesser of the preset percentage or a set amount. You can also claim this amount on your provincial or territorial form. The credit is arrived at and applied using a similar method. When filing electronically, remember to keep all supporting documents in the event the CRA asks to see them. If you file by mail, attach all supporting documents to your return.