Starting or growing a family can be an emotional and financial journey. The costs of fertility treatments can add up quickly, but here’s some good news: the Fertility Tax Credit is designed to ease that burden.
Whether you are an Ontario business owner looking to support your employees, or an employee navigating these expenses yourself, understanding how this credit works could mean thousands of dollars back in your pocket.
What Is the Fertility Tax Credit?
The Fertility Tax Credit is a federal non-refundable tax credit that helps offset the cost of fertility treatments, including in vitro fertilization (IVF), donor procedures, and certain medications.
It allows you to claim eligible medical expenses on your tax return, reducing the amount of tax you owe. In Ontario, provincial credits can also apply, boosting your savings.
💡Pro Tip: You can claim eligible expenses even if you do not have a diagnosed medical condition, thanks to recent rule changes.
Who Qualifies?
The credit is available to:
- Individuals undergoing fertility treatments themselves
- A spouse or common-law partner of someone undergoing treatment
- People who pay for someone else’s treatment (such as a surrogate), if they meet certain conditions
What Expenses Can You Claim?
Eligible expenses may include:
- IVF procedures
- Fertility-related medications
- Sperm, egg, and embryo storage fees
- Donor fees
- Certain lab tests and diagnostic services
💡Pro Tip: Keep every receipt and invoice. CRA requires detailed records to approve your claim.
How Ontario Employers Can Support Employees
If you are a business owner, offering fertility benefits can be a game-changer for employee retention and satisfaction. Employers can:
- Add fertility treatments to extended health benefit plans
- Offer wellness stipends employees can use for medical expenses
- Educate employees on tax credits and benefit options
By creating a supportive workplace, you position your company as an employer of choice.
How a Financial Controller Can Help
Understanding and applying the Fertility Tax Credit can get tricky, especially if you are combining it with other medical expense claims. Partnering with a professional who offers financial controller services ensures you:
- Maximize your eligible claims
- Stay compliant with CRA rules
- Keep personal and business finances running smoothly
The Bottom Line
The Fertility Tax Credit is a valuable tool for reducing the cost of starting or expanding a family. Whether you are claiming it yourself or helping employees understand their options, a little planning can go a long way.
Want help with your business finances? Contact our accounting team today to get expert support tailored to your needs.
