Topic: Disability Tax Credit Certificate
What is a Disability Tax Credit Certificate?
The Canada Revenue Agency Disability Tax Credit Certificate entitles you (over 18 years of age) to a yearly tax deduction supplement of $7,239.00. All or part of this amount may be transferred to your spouse or another supporting person designated by you. For those who qualify it may be possible to reclaim income tax for the previous 10 years.
What is a disability tax credit?
Individuals who meet certain requirements may claim this deduction as a federal income tax credit. If you qualify the disability tax credit will reduce taxes payable by approximately $1,400.00 per year (including the corresponding provincial amount).
Who is eligible for the disability tax credit?
Anyone, including children who have physical or mental conditions which affect one or more of their basic activities of daily living. The condition must have lasted, or is expected to last, for at least one year (continuously). Deceased individuals may also qualify. The credit may be transferred to a spouse or caregiver.
Can I use the cost of purchasing your services to reduce the income tax payable on my next tax return?
The answer is - Yes! The following services can be claimed as medical tax deductions:1) Downsizing and moving expenses, to a maximum of $2,3662) Disability Tax Credit Certificate application process.
What else can I claim as a medical tax deduction?
What else can I claim as a medical tax deduction?
You can claim your share of the salaries and wages paid to various employees in:
1) Retirement Residences
2) Nursing Homes
3) Group Homes
1) Retirement Residences
2) Nursing Homes
3) Group Homes
Your share of staffing costs may amount to $10,000.00 per year or more.
What are additional benefits of the disability tax credit?1) Tax credit ongoing - annually - on your income tax return (current and future years).
2) Additional credits for you or a family member (i.e. caregiver credit).
3) A retroactive claim for every year your condition existed (for up to 10 years). You may receive a lump sum.
4) Renovations to a home inhabited by a person with a disability may be claimed as a medical expense.
2) Additional credits for you or a family member (i.e. caregiver credit).
3) A retroactive claim for every year your condition existed (for up to 10 years). You may receive a lump sum.
4) Renovations to a home inhabited by a person with a disability may be claimed as a medical expense.
How can we help you get started?
1) We will walk you through the complicated application process.
2) We will work with your Family Physician to make sure the assessment document is filled out correctly
3) We will mail your Disability Tax Credit application to the Canada Revenue Agency (CRA).
4) We will help you apply for 10 years of adjustments on past tax returns.
5) We will help you transfer tax credits to your designated person.
6) For historical purposes we will provide you with a binder of all documents.
If you, a parent or other loved one qualifies for the Disability Tax Credit Certificate and need help completing the application process, call Moving Along ... Your Way! for a consultation. We can be reached in Ottawa at 613-523-4038
