It is the Best Time to Apply for the Disability Tax Credit
Applying for the Disability Tax Credit is a complex, drawn out process. Assuming a Disability Tax Credit Certificate is successful upon first submission, more than a month can go by without an approval confirmation. Should the T2201 form be rejected and an objection must be filed, the application process is extended even longer.
It is understandable why a person living with a disability hopes to gain financial support quickly. However, there are two reasons why it is important to apply for the Disability Tax Credit as soon as possible.
Two Reasons to Apply for the Disability Tax Credit Now
- 1. The Disability Tax Credit is required for anyone wanting to contribute to the Registered Disability Savings Plan (RDSP). With the contribution deadline at year’s end, now is a good time to get investments in order.
- 2. In addition, tax season will be here soon. It is about time to reap annual savings as well as claim retroactive payments (between $1,500 and $40,000!) through the Disability Tax Credit.
Quickly Approaching Deadline for RDSP
After qualifying for the Disability Tax Credit, it is possible to begin planning for the future with the RDSP. This is a savings and investment program that offers up to $4,500 of government funding each year. 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 a person’s RDSP account, but the deadline to contribute is the end of each year. December 31st is quickly approaching.
It is advisable to apply for the Disability Tax Credit as soon as possible. Disability Tax Credit Certificates can be submitted any time. This supports the promise of retroactive payments. People with disabilities who are eligible to claim back-pay for up to 10 years are able to receive $1,500 to $40,000. More so, annual savings are available when a person with a disability (or a supporting person) applies the disability amount to income tax forms. April 30th is Canada’s federal tax day. Beginning the Disability Tax Credit application process today makes it possible to reap substantial benefits soon.
People put off applying for the disability support program for a number of reasons. First time applicants, persons who have been denied, and those whose Disability Tax Credit term has expired, are benefited by acquiring professional assistance to guide this process. With the help of Benefit Specialists, it is possible to fill out forms and certificates right the first time.
The National Benefit Authority helps people with disabilities submit successful applications for the tax credit. With the deadlines above quickly approaching, 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 through this link: http://www.thenba.ca/free-consultation.html.