- Medical doctors in Canada are obligated to undergo several examinations and remit specific registration fees to secure a license to practice medicine. Among the most prevalent fees are those for CaRMS registration, the Medical Council of Canada Qualifying Examination Parts I and II, Specialty and Subspecialty Examinations (conducted by the Royal College & CFPC), and other training programs such as ATLS, ACLS, and conferences. Historically, until 2010, these examination fees weren’t claimable since they weren’t associated with a recognized educational institution concerning tuition. However, in 2011, the criteria for claiming these fees underwent a transformation. The revised regulations permit claims for examination fees paid within the year for a test to achieve a professional status acknowledged by a federal or provincial law.
Given that the fees for the LMCC I & II and the specialty and subspecialty examinations are prerequisites for achieving a professional status to function as a physician, they are deemed qualifying. Any amount disbursed as an examination fee is eligible for a tax credit of 15%. These examination fees are managed similarly to other tuition and textbook tax credits. Regrettably, registration and other training fees don’t fit the aforementioned criteria. It’s advisable to monitor these amounts separately and claim them as valid capital expenditures once you commence earning professional fees in your capacity as a physician.
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