The Disability Tax Credit
is available to persons with a severe impairment in physical or mental functions.
The impairment must have lasted, or be expected to last for at least 12 months.
It may be claimed, to reduce income taxes payable, by the person with the disability or
it may possibly be transferred from a spouse, child, or other dependant.
A & E Tax will calculate the best option for you.
If you suspect that you or a family member may qualify, please click Tax credits and deductions for persons with disabilities for more information.
To qualify the impairment must be certified by a qualified health practitioner. An original, completed form must be submitted to CRA for approval. To review this form, or print a copy to take to your doctor, click T2201 - Disability Tax Credit Certificate.
The person with the disability has to complete Part A.
If the credit is approved by CRA, they will send a letter indicating the tax years affected.
_________________________________________________________________________
A Registered Disability Savings Plan (RDSP)
is intended to help parents and others save for the long-term financial security of a person eligible for the Disability Tax Credit.
Contributions can be made until the end of the year when the eligible beneficiary turns 59
but they are not tax deductible. However the Government of Canada will contribute a disability savings grant and, depending on family income, may contribute a disability savings bond directly into an RDSP.
For more information, click on Registered Disability Savings Plan or talk to a financial adviser.
is available to persons with a severe impairment in physical or mental functions.
The impairment must have lasted, or be expected to last for at least 12 months.
It may be claimed, to reduce income taxes payable, by the person with the disability or
it may possibly be transferred from a spouse, child, or other dependant.
A & E Tax will calculate the best option for you.
If you suspect that you or a family member may qualify, please click Tax credits and deductions for persons with disabilities for more information.
To qualify the impairment must be certified by a qualified health practitioner. An original, completed form must be submitted to CRA for approval. To review this form, or print a copy to take to your doctor, click T2201 - Disability Tax Credit Certificate.
The person with the disability has to complete Part A.
If the credit is approved by CRA, they will send a letter indicating the tax years affected.
_________________________________________________________________________
A Registered Disability Savings Plan (RDSP)
is intended to help parents and others save for the long-term financial security of a person eligible for the Disability Tax Credit.
Contributions can be made until the end of the year when the eligible beneficiary turns 59
but they are not tax deductible. However the Government of Canada will contribute a disability savings grant and, depending on family income, may contribute a disability savings bond directly into an RDSP.
For more information, click on Registered Disability Savings Plan or talk to a financial adviser.
Copyright 2014-2024. All Rights Reserved.