The tax man cometh: Your medical marijuana could be eligible for a tax credit

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Summary

Sadly, costs related to producing your own medical cannabis for personal use are generally not eligible. As Canadians eagerly assemble their financial records and giddily gather around the kitchen table for the annual treat that is tax-filing season, the Canada Revenue Agency (CRA) is highlighting a few changes to the tax code. As Canada’s medical marijuana industry continues to evolve, and more Canadians and businesses begin to participate, expect the CRA to continue to adjust the tax code accordingly — hopefully to allow patients to keep more of what they spend on needed medication. Using standard processing times and drop-down menus, the user-friendly tool will take a lot of guesswork out of the process. This credit applies to you, your spouse and any children under the age of 18.

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As Canadians eagerly assemble their financial records and giddily gather around the kitchen table for the annual treat that is tax-filing season, the Canada Revenue Agency (CRA) is highlighting a few changes to the tax code. This year, cannabis made the cut of changes that stand out.

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