Did you know?
1. Many people are not aware that they are eligible for the Disability Tax Credit.
2. Professional assistance can be crucial in attaining positive results and maximizing disability related tax credits.
3. In order to benefit from the Registered Disability Savings Plan, you must first be approved for the Disability Tax Credit.
There is no need to wait until tax time, these credits can be applied for and claimed by us at any time of the year!
|
info@abilitytax.ca
Get Started Now!
Free Online Eligibility Assessment
Or call
1.877.690.0330
|
|
|
|
What is the Disability Tax Credit (DTC)?
The starting point to obtaining all the tax credits and benefits to which you may be entitled is qualification for the Disability Tax Credit.
The Disability Tax Credit is a Canadian federal income tax credit that may be claimed by individuals who meet
certain conditions (see examples of types of conditions that have qualified in the past,
or contact us for a free assessment). A qualified medical practitioner must complete a
detailed Canada Revenue Agency (CRA) application attesting to the individual's
disability. If approved, the DTC will reduce taxes payable in 2009 by approximately
$1,400 (including the corresponding provincial amount).
Who is the DTC for?
Anyone, any age, with a physical or mental condition which affects 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).
Benefits of the DTC
As the DTC is a non-refundable tax credit, it reduces the amount of tax you pay.
If you do not pay any tax, Ability Tax Group (ATG) is able to transfer the tax
credit to an eligible family member who does pay tax, such as, a parent or a spouse.
The tax credits and any transfers may be claimed retroactively for the previous 10
years. The benefits include:
- A yearly tax credit on your tax return (current and future years)
- Additional credits for you or a family member (i.e. the Caregiver credit) ;
- A retroactive claim for every year your condition existed (for up to 10
years) to potentially receive a lump sum refund; and
- The first step in qualifying you to be the beneficiary of a Registered Disability
Savings Plan (RDSP).
How ATG helps
By engaging ATG, we can ensure that your DTC application is accepted and not compromised due to errors or omissions, which can result in a claim being denied. Ability Tax Group (ATG) will interact with your medical practitioner during the completion process and pay for the cost associated with the completion of the DTC.
ATG will also determine what years the DTC should be applied to and if transfers to
family members/caregivers apply. Finally, ATG will file all adjustment requests (current and retroactive up to 10 years) on your behalf with the Canada Revenue Agency (CRA). Working on your behalf, ATG will:
- Complete the 9 page application
- Communicate with your physician; ensuring correct and prompt completion
- Pay the fee charged by your physician for the completion of the DTC
- File the DTC with the CRA
- Follow-up with the CRA and answer any questions they may have
- Request transfers of any unused credits to your family member/spouse
- Submit a special request to the CRA to apply the DTC retroactively (as
applicable, up to 10 years)
- Submit a formal objection to the CRA if the DTC application is denied
Dependent on eligibility, we will also claim the following
credits/benefits on your behalf as applicable:
- Disability Tax Credit (DTC)
- Medical Expenses (including Attendant Care)
- Caregiver Amount
- Child Disability Benefit (CDB)
- Infirm Dependant
- Eligible Dependant
- Child Care Expenses (Disability Supplement)
- Disability Supports Deductions
- Working Income Tax Benefit (WITB) (Disability Supplement)
- Child Fitness Tax Credit (Disability Supplement)
- Canada Disability Savings Grant (CDSG)
- Canada Disability Savings Bond (CDSB)
- Home Buyers Tax Credit
|
|
Get Started Now:
Contact Us today!
|
Top
|
