The ‘ins’ and ‘outs’ of Disability Tax Credit
If you suffer from a disability, you are bound to have heard of the term ‘disability tax credit’. Initially, you may have asked yourself who is eligible for this benefit. You may have then learned that the answer to this question will vary on a case to case basis. So now, the question you must be itching to ask is whether you are eligible to get this disability benefit. This article will provide you with the nitty-gritty of disability tax credit so that you know the complete ins and outs of this disability benefit.
To kick start things, it will be wise if you first familiarize yourself with a basic definition. As per the Canada Revenue Agency, the disability tax credit is defined as a non-refundable tax credit that is used to reduce income tax for those individuals who constitute the eligible list. If you are eligible for the disability tax credit and find yourself in a position where you are unable to get all or part of this credit (because of the lack of taxable income), you would be happy to note that the disability tax credit can be transferred to your spouse, common-law partner, or any other supporting person. Sound’s good, doesn’t it? Just remember, that the only catch in this situation is that both you and the supporting person need to have been residents in Canada during the tax year in question.
This then leaves us with just one more question; do you think you are part of the eligible list or not? To answer this question, make a note that to be eligible for disability tax credit you would need to meet three conditions. Firstly, you must have a severe impairment in physical or/and mental functions. Secondly, this impairment must be prolonged such that it has been persistent or will remain persistent for a continuous period of at least one year. Thirdly, and finally, a qualified practitioner needs to certify that your impairment is severe and prolonged by completing the Disability Tax Credit Certificate. Once completed, the Disability Tax Credit should highlight and detail the effects of the impairment on your normal functioning.
Now, you might be thinking that handling all of the required formalities may be too cumbersome a task for you. After all filing all that paperwork will require some work, won’t it? Yes it will, but fret not because The Ford Group is here to guide you through everything. We at The Ford Group promise to make your life a whole lot easier. Founded with the simple aim of ensuring that people with disabilities receive the benefits they deserve, The Ford Group will provide you expert counsel such that you are able to hurdle past any and all bottlenecks and have your claims processed both effectively as well as efficiently. Thus, if you are looking to get the benefits you deserve, it would be only commonsense to take up a free consultation with us.
To kick start things, it will be wise if you first familiarize yourself with a basic definition. As per the Canada Revenue Agency, the disability tax credit is defined as a non-refundable tax credit that is used to reduce income tax for those individuals who constitute the eligible list. If you are eligible for the disability tax credit and find yourself in a position where you are unable to get all or part of this credit (because of the lack of taxable income), you would be happy to note that the disability tax credit can be transferred to your spouse, common-law partner, or any other supporting person. Sound’s good, doesn’t it? Just remember, that the only catch in this situation is that both you and the supporting person need to have been residents in Canada during the tax year in question.
This then leaves us with just one more question; do you think you are part of the eligible list or not? To answer this question, make a note that to be eligible for disability tax credit you would need to meet three conditions. Firstly, you must have a severe impairment in physical or/and mental functions. Secondly, this impairment must be prolonged such that it has been persistent or will remain persistent for a continuous period of at least one year. Thirdly, and finally, a qualified practitioner needs to certify that your impairment is severe and prolonged by completing the Disability Tax Credit Certificate. Once completed, the Disability Tax Credit should highlight and detail the effects of the impairment on your normal functioning.
Now, you might be thinking that handling all of the required formalities may be too cumbersome a task for you. After all filing all that paperwork will require some work, won’t it? Yes it will, but fret not because The Ford Group is here to guide you through everything. We at The Ford Group promise to make your life a whole lot easier. Founded with the simple aim of ensuring that people with disabilities receive the benefits they deserve, The Ford Group will provide you expert counsel such that you are able to hurdle past any and all bottlenecks and have your claims processed both effectively as well as efficiently. Thus, if you are looking to get the benefits you deserve, it would be only commonsense to take up a free consultation with us.
