Jacob Redmond
Well-Known Member
The Canada Revenue Agency has confirmed that it will allow the costs of medical marijuana purchased from a licensed producer as a medical expense despite the fact that the Income Tax Act does not as yet recognize the enabling legislation.
The news, according to wawa-news.com, came in an August 24 letter from the CRA to the Canadian Medical Cannabis Industry Association, which has been lobbying the CRA to clarify the issue.
The ITA allows deductions for prescription medicines, but not for non-prescription or over-the-counter drugs even when they are recommended by a physician. As it turns out, Health Canada's Marijuana for Medical Purposes Regulation requires a prescription. The uncertainty had arisen because amendments to the ITA recognizing the MMPR have not yet been introduced.
"This is an important step in acknowledging the legitimacy of the way patients use medical cannabis, to help manage the symptoms of a range of health conditions," said Neil Belot, Executive Director of the CMCIA. "We have been working with the CRA and the Department of Finance for several months to clarify this issue, and we're extremely pleased that cannabis regulated by Health Canada has been recognized as an allowable tax expense. It's very good news, and will help make the use of cannabis as medicine more accessible and affordable for patients."
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: CRA says you can claim medical marijuana on your taxes | Financial Post
Author: Julius Melnitzer
Contact: Contact Us | National Post
Photo Credit: Gosia Wozniacka/The Associated Press/The Canadian Press
Website: Financial Post | Canadian Business News, Investing and Commentary
The news, according to wawa-news.com, came in an August 24 letter from the CRA to the Canadian Medical Cannabis Industry Association, which has been lobbying the CRA to clarify the issue.
The ITA allows deductions for prescription medicines, but not for non-prescription or over-the-counter drugs even when they are recommended by a physician. As it turns out, Health Canada's Marijuana for Medical Purposes Regulation requires a prescription. The uncertainty had arisen because amendments to the ITA recognizing the MMPR have not yet been introduced.
"This is an important step in acknowledging the legitimacy of the way patients use medical cannabis, to help manage the symptoms of a range of health conditions," said Neil Belot, Executive Director of the CMCIA. "We have been working with the CRA and the Department of Finance for several months to clarify this issue, and we're extremely pleased that cannabis regulated by Health Canada has been recognized as an allowable tax expense. It's very good news, and will help make the use of cannabis as medicine more accessible and affordable for patients."
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: CRA says you can claim medical marijuana on your taxes | Financial Post
Author: Julius Melnitzer
Contact: Contact Us | National Post
Photo Credit: Gosia Wozniacka/The Associated Press/The Canadian Press
Website: Financial Post | Canadian Business News, Investing and Commentary
