6 Financial Considerations for IVF

Borrowing vs Savings/Investments

Consider withdrawing savings/investments then borrowing back the equivalent to invest. Under certain conditions this could make the loan interest tax deductible. Review the potential tax implications prior to withdraw from investments. A withdraw may trigger capital gains. Speak to your financial advisor and/or accountant before implementing a tax deductible strategy.

Using RSP Savings

If you anticipate having a lower income in subsequent years consider a low cost interest-only loan now, then withdraw from the RSP in a future year to pay it down, when your income and tax consequences are lower.

Medical Tax Credits

You may be eligible to claim medical tax credits for all or a portion of your out of pocket expenses. On top of clinic fees you might be eligible to claim travel/mileage expenses if you travel more than 40 kilometers to the clinic (measured as the crow flies), and accommodation costs if more than 80 kilometers. CRA rulings can vary on a case by case basis so investigate your situation thoroughly. Ask your accountant and/or a CRA representative about the application of medical tax credits. More info can be found at at our calculator resource page.

Pharmacy

Investigate drug purchase options. Your clinic will likely refer you to a pharmacy, however investigate the costs through other local and online licensed pharmacies. Read the discussion at https://ivf.ca/forums...xpensive-meds/.

Only a licensed pharmacy can legally dispense a prescription to you. It is illegal to buy/sell/trade/donate prescription drugs with anyone but a licensed pharmacy.

Insurance Plans - Drug Coverage

If you have one, determine in advance what drug costs are covered by your insurer. Your clinic can provide you with an itemized list of medications specific to your case. The list will include DIN#'s. Submit the proposed drug plan to your insurer to receive a quote prior to your purchase.

IVF.ca Forums have many funding and financing discussions. Review the topics found at https://ivf.ca/forums...-and-finances/.