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Tax Breaks for People with Disabilities

March 24, 2014

Income tax time in Canada can be stressful and confusing. In rushing to file before April 15, some people may miss important deductions by not knowing which benefits are available to them. One benefit that is often overlooked is a tax credit offered by the Canadian government for people with disabilities. It is called the Disability Tax Credit.

The Trouble with Completing the T2201 Form Tax Breaks for People with Disabilities

The Disability Tax Credit

The National Benefit Authority is a trusted name throughout Canada. They specialize in filing disability claims and have knowledge about tax savings options and understand the intricacies of claiming these savings. The National Benefit Authority can guide an individual through the tax credit application process quickly and successfully.

When people try to tackle this process alone, they may wonder if disability support is worth the frustration of completing the paperwork to acquire the funds. This doesn’t negate the fact that the Canada Revenue Agency has money reserved for people with disabilities. People with disabilities are owed these funds. Even though the paperwork for this program is intense and can be somewhat complicated, it is worth the time and effort because of the long-term benefits.

What Factors Qualify a Person for the Disability Tax Credit?

There are a few things a person who is applying for the disability tax credit should know. These qualifiers can factor into the amount of money he or she can expect to receive:

• Does the person plan to claim other tax credits?
• Is the recipient under the age of 18? If so, he or she may receive additional tax breaks, too.

However, each and every individual’s situation is different. The only way to find out how much a person can receive from these benefits is to apply for the Canada Revenue Agency Disability Tax Credit. When done correctly, this can increase the financial support people with disabilities receive.

When is the Best Time to Apply?

A person can apply for the Disability Tax Credit at any point throughout the year. Although, some would advise that it is best to apply or reapply before tax season begins, so savings can show up in the next tax estimate.

However, filing for the Disability Tax Credit does not guarantee a person will qualify. For instance, many people fill out T2201 forms incorrectly the first time. But even if the individual has been rejected before, reapplying can still be beneficial. If the forms are filled out correctly at a later date then the benefit will be paid to him or her retroactively. Because of the complication of the process and the chances of being denied benefits by a misstep, many people use professional services to navigate the system.

For people with disabilities, diseases, handicaps, and impairments, the Disability Tax Credit can help to ensure they receive the support they are entitled to. Benefit Specialists at the NBA help clients navigate the complicated process to claim these funds.

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