2 Reasons To Apply For The Disability Tax Credit Today
Applying for the Disability Tax Credit is a complex, drawn out process. Assuming an application is successful upon first submission, 120 days can go by before a successful candidate receives his or her first financial installment from government. Should an application (known as the Disability Tax Credit certificate or T2201 form) be rejected, the applicant must reapply or file an appeal, which means the wait time for financial benefits is extended.
It is easy to see why a person living with a disability hopes to gain financial support quickly. Medical expenses and cost of living seem to be getting higher by the day. The good news is that you can begin applying for the Disability Tax Credit today. In fact, there are two reasons why it is important to apply for government benefits as soon as possible.
Why Apply for the Disability Tax Credit Today?
1. Qualifying for the Disability Tax Credit is a requirement for anyone who wants to set up a Registered Disability Savings Plan (RDSP). With the annual contribution deadline around the corner (December 31, 2014), now is a good time to apply for the Disability Tax Credit so you can enroll in RDSP.
2. In addition, tax season will be here before we know it. If Canada Revenue Agency accepts your Disability Tax Credit certificate, you can apply the tax break to 2015 income tax forms.
Quickly Approaching Deadline for RDSP
After qualifying for the Disability Tax Credit, you can begin planning for the future with RDSP. This is a savings program established by government intended to help Canadians with disabilities save significant amounts of money. With bonds and grants, government matches some of the money you and the people who support you contribute to the fund.
A person is eligible for this savings plan if he or she has been awarded the Disability Tax Credit, is under the age of 60, and has a Social Insurance number. Anybody can contribute to your RDSP account, but the deadline to receive government matching options ends at the turn of each year.
Disability Tax Credit applications can be submitted any time. If you are owed retroactive payments from government, which can amount in up to $40,000, you may begin receiving installments in less than 120 days. However, the long-term benefits of the Disability Tax Creditare great too. Annual savings are available when a person with disability (or a supporting person) applies the Disability Tax Credit amount to income tax forms. Beginning the application process today may help you reap substantial benefits early next year.
Why Not Apply Today?
People put off applying for disability benefits for a number of reasons, but now that you know some of the time-sensitive benefits of applying for the Disability Tax Credit, can you think of a good reason to not begin the application process today?
If something is holding you back from applying for this life-changing benefit, there are people who want to assist you. First time applicants, persons who have been denied the Disability Tax Credit before, and those whose tax benefits have expired may want to reach out to professional benefit specialists for assistance. With the help of Benefit Specialists, it is possible to fill out forms right the first time.
The National Benefit Authority helps people with disabilities apply for Disability Tax Credits and receive the full amount of money they are entitled to from government.
With time-sensitive benefits on the line, there is no time to waste. Contact the most trusted name in disability support by phone or online today. Benefit Specialists at the National Benefit Authority can be reached at 1888-389-0080. Or click on this link to request a free consultation: http://www.thenba.ca/free-consultation/.