Our February Tax Newsletter is up and available for you to read here. It covers the topic of tax benefits for disabled individuals. Some of the highlights are outlined below.
The Canada Revenue Agency offers a number of income tax benefits and tax planning opportunities for qualifying individuals with disabilities. An individual may qualify for the Disability Tax Credit if you meet the three main criteria to qualify for it. These individuals are also eligible for additional medical tax credits including certain types of care or therapy. People can also save for their care through a Registered Savings Plan (RDSP) if they have a disability, and meet the criteria. Lastly, effective 2016, and later taxation years there if you qualify for it, there is a Qualified Disability Trust that can be created by a will.
There are many tax advantages for individuals with disabilities and individuals supporting those with disabilities. These planning measures should be considered in conjunction with family planning, personal needs, and other government funding requirements.
This is just a short outline, if you think these tax benefits could apply to you, or someone you know please feel free to contact Jacob Milosek at 613-235-2000.