The Canadian Finance Minister announced details of the new tax measures which include an expanded list of medical devices and prescription drugs that are free from Goods and Services Tax/ Harmonized Sales Tax.
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The details of the new and previously announced tax measures are as follows:
- Medical and assistive devices – Expanded list of Goods and Services Tax (GST)/Harmonized Sales Tax (HST) zero-rated medical and assistive devices.
- Prescription drugs – Expanded list of GST/HST zero-rated non-prescription drugs that are used to treat life-threatening diseases.
- Pharmacy Services – Professional services rendered by certain pharmacists have been exempted from GST/HST, but do not include prescription drug dispensing services that are already zero-rated under the GST/HST.
- Medical Expense Tax Credit – the list of eligible expenses under the Medical Expense Tax Credit has been expanded.
- Certain literacy organizations – can claim a rebate of the GST and a part of the HST for books that are distributed for free.
- Registered Disability Savings Plan -certain family members are allowed to temporarily open a Registered Disability Savings Plan for an adult individual who may not be in a position to sign a contract.