Is my fertility treatment income tax deductible?
The cost of most fertility treatments and medications qualifies as a medical expense under section 118.2 of the Income Tax Act. This means that costs relating to your fertility treatment may be claimed as a medical expense credit on your income tax return. Please be sure to save all your Genesis Fertility Centre receipts for income tax time.
The Finance Minister announced in Mar 2017 that the government is expanding access to a tax credit for Canadians who turned to reproductive technologies. This means that anyone who has incurred expenses over the past 10 years for reproductive technologies such as IVF can refile their taxes for that year and claim the expense. Please contact your tax professional for additional information.
How can I pay for my fertility treatment?
At Genesis we accept cash, debit card, Visa, Mastercard, certified cheque or bank draft. Other options include paying through a bank loan or line of credit, using a financing company, or using a health trust if you are an incorporated or self-employed business owner.
A Private Health Services Plan is as an alternative to financing and is available to business owners through The John Robinson Group Inc and Trusted Advisor. Click here to learn more.
How do I arrange financing?
Genesis does not offer financing directly, but there are specialized financing companies who offer financing for medical procedures. Interest rates are usually less than normal credit card rates. If you are interested in finding out more about financing options, please refer to the links below:
Business Owners: With a Private Health Services Plan you can fully tax-deduct fertility treatments and start your journey to conceiving sooner.
Canada Revenue Agency (CRA) allows business owners to deduct 100% of qualified fertility treatment costs through a Private Health Services Plan. The John Robinson Group Inc and Trusted Advisor specializes in assisting patients in meeting their financial goals. Please visit trustedadvisor.ca for a list of approved expenses and an online application.