Canadians Permitted to Deduct Medical Cannabis Expenses
Ryan Allway
September 10th, 2015
Policy, Top News
Canadians that purchase medical cannabis from licensed producers under the MMPR program are eligible to expense their purchases under the Income Tax Act after the Canada Revenue Agency clarified its stance on the matter, according to the Canadian Medical Cannabis Industry Association (“CMCIA”), an association representing the majority of producers currently licensed under Health Canada’s Marijuana for Medical Purposes Regulations (“MMPR”).
“The Canada Revenue Agency will not disallow eligible medical expenses claimed for the purchase of medical marihuana allowable under these new regulations,” said the agency in a letter dated August 24th to the CMCIA.
Allowable medical expenses under the Income Tax Act currently include prescription medicines lawfully acquired for use by an individual, when prescribed by a medical practitioner. Non-prescription over-the-counter drugs cannot be claimed even when they are recommended by a physician. The move to include medical cannabis as a deductible expense could make the medicine much more affordable and accessible for patients in need.
“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 CMCIA Executive Director Neil Belot in a statement. “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.”
The liberalization of Canada’s stance on medical marijuana could set a precedent for other developed countries where the drug has been legalized, but isn’t covered by any kind of private of public insurance or eligible for any tax deductions.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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