A Common Tax Filing Mistake
Tax season is a stressful time. It is hardest on people who earn meager incomes. These individuals often find it impossible to make ends meet. When faced with owing taxes to government, lump sums of money are not easy to access. Even when expecting tax returns, money does not seem to come quick enough.
More so, filing taxes is confusing. Common tax filing mistakes are made when people do not know what benefit programs are available. Seeking to understand support programs can help low income earners eliminate taxes owed and increase returns. One of the most beneficial tax benefits available to people with disabilities is the Disability Tax Credit. This can result in annual savings and retroactive payments – up to $40,000.
Understand the benefits of this disability support program, what experts say about the savings, and secure a stress-free tax season by filing for the Disability Tax Credit.
The Biggest Mistake People with Disabilities Make
Some individuals overlook the Disability Tax Credit. Yet, the option is available to many people. While it can be stressful to learn about the program, secure necessary paperwork, and fill it out properly, it is worth the time and effort. More so, people who have been denied the Disability Tax Credit tend not to reapply. This can be the biggest mistake of all; submitting incorrect forms is the number one reason people are rejected from the program. Also, once qualified, retroactive payments will make up for time lost. It is important to apply or reapply for the Disability Tax Credit before tax season approaches again.
The Disability Tax Credit is a Lucrative Program in Canada
Many tax experts agree that the Disability Tax Credit offers the best financial options to people with disabilities, diseases, handicaps, and impairments. In addition to annual savings, it is possible to receive retroactive payments too. This increases the benefits. Even when fearing the filing process, or procrastinating to apply, it is still possible to receive payments from missed years.
Too Many People do not Claim the Disability Tax Credit
Having access to retroactive payments is no reason to put off applying for the Disability Tax Credit. The application process can be drawn out for a number of reasons. Getting started immediately is important to securing the money owed when tax season comes. Unfortunately, too many people do not claim this benefit.
Those who do not apply for the Disability Tax Credit may not be aware of the many options available to them. They may also be uncertain of how to fill out paperwork, or unsure of whether or not they will qualify. In some cases, people do not know situations like theirs have been considered by the Canada Revenue Agency before. Regardless, it is worth it to apply for the Disability Tax Credit before tax season comes around again.
To avoid missing out on another year of tax savings, contact the National Benefit Authority. The most trusted name in disability support throughout Canada can guide the application process so it is expedient and successful. Benefit Specialists make it possible to claim money that is reserved for people with disabilities by the Canada Revenue Agency. They are equipped with knowledge and understanding of these tax saving options and more.