As the tax season approaches, it’s crucial for Canadian medical professionals to be well-prepared to maximize their 2024 tax returns. At MedTax.ca, we specialize in making tax season efficient and straightforward for medical professionals—so you can stay focused on your career while we ensure your taxes are working in your favour.
Here’s a guide to essential tax tips for 2024 to help you claim every deduction and credit you’re entitled to.
Claiming Out-of-Town Travel Expenses
If you’ve incurred travel expenses due to professional requirements—such as participating in the Rural Ontario Medical Program (ROMP) or other short-term relocations—these costs may be deductible. Eligible travel expenses include:
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Meals
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Lodging
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Vehicle costs
Be sure to keep detailed records and receipts, as they’re essential for substantiating these claims.
Deductible Moving Expenses
If you moved at least 40 kilometers closer to a new workplace or professional opportunity, you may be eligible to deduct your moving expenses. These can include:
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Transportation and storage
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Temporary accommodation
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Meals in transit
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Packing supplies
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Utility connection fees
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Lease cancellation charges
Keeping all relevant documentation will make it easier to substantiate these deductions when you file.
Home Office Expenses
If you worked from home in 2024 due to remote or hybrid arrangements, the CRA provides two options for claiming home office expenses:
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Temporary Flat Rate Method: A simplified claim of up to $500, based on up to 250 work-from-home days.
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Detailed Method: Allows you to claim a portion of actual expenses such as utilities, internet, and office supplies.
Choose the method that best fits your situation. Detailed guidance is available on the CRA’s Home Office Expenses page.
Deductions for Union, Professional, and Association Dues
Dues paid to professional associations—including the Canadian Medical Association (CMA), Ontario Medical Association (OMA), and Professional Association of Residents of Ontario (PARO) (if applicable)—are tax-deductible. Additional eligible deductions may include:
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Subscriptions to professional journals
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Medical licensing and renewal fees
Maintain all receipts to make the filing process smoother and more efficient.
Maximizing Your 2024 TFSA Contributions
The TFSA contribution limit for 2024 is $7,000, offering an expanded opportunity for tax-free investment growth. Whether you’re saving for short-term goals or using the TFSA as a supplementary investment tool, it’s one of the most flexible accounts available.
Need help balancing this with debt repayment or RRSPs? Our experts can build a custom strategy that fits your goals.
Job-Related Expense Deductions
If you purchased supplies or equipment in 2024 that are specific to your profession—such as:
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Scrubs
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Lab coats
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Stethoscopes or other medical tools
—you may be able to claim them under employment expenses. Refer to the CRA’s Employment Expenses page for guidance, or consult us to ensure these are accurately categorized.
Form T2200 for Employment Deductions
To claim certain job-related expenses, you’ll need a completed Form T2200 (Declaration of Conditions of Employment) from your employer. This form confirms that your role required those expenses and is a critical part of your claim.
Ensure this form is signed and filed with your records—it can make a big difference in your return.
Exploring Additional Deductions and Credits
Take advantage of these often-overlooked credits to optimize your refund:
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Charitable donation credit
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Tuition fee credit
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Ontario rent and property tax credit
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Student loan interest credit
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First-Time Home Buyers’ Tax Credit
Each credit has specific eligibility requirements. Not sure which apply to your situation? We’ll help you navigate every option to ensure nothing is left on the table.
RRSP vs. TFSA: Which Should You Prioritize?
Both the RRSP and TFSA offer powerful tax advantages:
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RRSP: Contributions reduce your taxable income—great for long-term retirement saving.
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TFSA: Contributions are not tax-deductible, but withdrawals are tax-free—ideal for flexible, medium-term goals.
Using both strategically can strengthen your financial plan. We’ll help you decide how to allocate your contributions based on your income, tax bracket, and future goals.
Final Tips for Tax Season
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Organize Early: Retain receipts, invoices, and all relevant tax-year documentation.
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Stay Informed: Tax laws change—keep up with CRA updates or talk to a professional.
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Seek Professional Guidance: Maximize your return with support from advisors who specialize in medical finances.
About MedTax.ca
MedTax.ca is dedicated to supporting Canadian medical professionals with expert guidance to maximize tax efficiency. Our team brings deep experience assisting doctors through every stage of their careers—making tax season seamless, accurate, and rewarding.
Contact us for a free 15-minute consultation and discover how we can help you take control of your taxes—and your financial future.
