1. Naturopathic Tax Deductibility
Naturopathic medicine is tax deductible.
Both federally and provincially.
No special forms required.
Just save those receipts!
Can it really be as simple as deducting your total naturopathic medical expenses for the year?
But also no.
In that it depends on your definition of "year".
2. Optimizing Naturopathic Tax Benefits via Medical Expenses Period
And you thought a year was January 1 - December 31!
The CRA is not bound by such Gregorian conventions.
In fact, you are free to claim all eligible naturopathic medical expenses for any 12-month period ending in this tax year that you didn't already claim in the last one.
So you aren't penalized for having medical expenses disproportionately distributed throughout the year.
You can instead receive the best naturopathic treatment for you - whenever you need it.
Come tax-time, the 12-month period can be selected to best optimize your medical expenses.
3. Naturopathic Tax Benefits for Families
You can receive naturopathic tax benefits - even if you've never seen a naturopathic doctor in your life!
How is that possible?
By claiming the medical expenses of your spouse and your dependants - children, parents, and extended family members alike - on your return.
The tax credit is progressive, decreasing slightly as net income increases.
So it's often optimal for the family member with the lowest net income to claim for all members.
4. Naturopathic Tax Benefits for Self-Employed & Businesses
Naturopathic medical expenses are even more valuable for the self-employed and businesses.
Self-employed individuals, partnerships, and corporations alike have means to deduct medical expenses as business expenses.
A Private Health Services Plan (PHSP) provides tax-free financing of medical expenses for sole proprietors, partnerships, corporations, and their employees.
Such naturopathic tax benefits are, in my experience, typically in the thousands to tens-of-thousands of dollars.
And they rise with income.
With no limit.
Providing an unparalleled level of naturopathic tax incentives.