Financial Resources

Financial Planning for Your Fertility Journey

Knowing and understanding your personal financial situation and additional eligibility options whilst pursuing fertility treatment can be a great aid during your journey. All materials and references below are for informative purposes, so please seek appropriate tax guidance for your personal finance and tax situation from a qualified professional.

Best Practices

Invoices – Keep copies of your invoices from each transaction for use during your tax return preparation to ensure all eligible amounts are appropriately considered. Consult with your tax professional to determine the deduction eligibility of your fertility treatment costs.

Extended Benefit Coverage – Inquire with your extended healthcare benefit provider about coverage, if any, for treatment, prescription medication or other expenses incurred. Clarify whether the coverage amount is on an annual or lifetime basis as that may be important timing information to consider during your decision making process.

Financing Options

Depending on your preferences, you may consult with your financial institution for financing treatment expenses. ONE Fertility also has established relationships with two healthcare financing groups for patients that offer an online application process with affordable monthly payment options:

       

NEW – Ontario Fertility Treatment Tax Credit

The Ontario Fertility Treatment Tax Credit is a new refundable personal income tax credit introduced by the Ontario government to help ease the financial burden of fertility treatments. Beginning January 1, 2025, eligible individuals can claim 25% of qualifying fertility-related expenses, up to a maximum of $5,000 per year.

Key Features:
  • Eligibility: Ontario residents who pay out-of-pocket for fertility treatment expenses not covered by insurance.
  • Claim Amount: 25% of eligible expenses, up to a maximum of $5,000 annually.
  • Effective Date: Applies to expenses incurred on or after January 1, 2025.
  • Eligible Expenses: Includes IVF, IUI, fertility medications, egg/sperm freezing and storage, donor eggs/sperm, surrogacy-related medical costs within Canada, diagnostic testing, travel for treatment, and medical consultations.
  • Claim Process: Claimed through the Ontario personal income tax return. The credit is refundable, meaning patients can receive the amount even if they don’t owe any tax.
  • Stacking with Other Credits: Can be claimed alongside federal and provincial medical expense tax credits.