What’s the Big Deal about the Disability Tax Credit?
If you qualify for the Disability Tax Credit, you may qualify for other disability programs too.
This week, the National Benefit Authority (http://thenba.ca/) is exploring how the Disability Tax Credit can save you money in big ways. The agency’s blog, Disability Living (http://disabilityliving.ca/), also includes information about doubling your earnings with the Registered Disability Savings Plan (RDSP).
Receive the Disability Tax Credit
Medical expenses in Canada are increasing. A person living with a disability experiences financial burdens like never before. The government of Canada recognizes this and offers tax credits to people with disabilities. Disability tax benefits are standard deductions applied to income tax forms. In addition, back-filing taxes can result in up to 10 years of retroactive payments. This means the government owes some people large sums of money (between $1,500 and $40,000!).
Do you qualify? Find out. Follow this link: http://www.disabilityliving.ca/do-you-qualify-for-the-disability-tax-credit/.
Invest Money for Future Expenses
Qualifying for the Disability Tax Credit makes you eligible to qualify for RDSP. Here are some facts about the Registered Disability Savings Plan:
– The RDSP allows you to put money away for future living and medical expenses. (http://www.disabilityliving.ca/rdsp-offers-financial-support-with-%e2%80%9ccarry-forward-measure%e2%80%9d/)
– Money contributed to the RDSP will be matched by government grants: http://www.disabilityliving.ca/maximizing-canada-disability-savings-grant-contributions/.
– You may qualify to receive bonds provided by the government of Canada: http://www.disabilityliving.ca/canada-disability-savings-bond-cdsb/.
Qualifying for the Disability Tax Credit makes you eligible for other disability support programs, like RDSP. Coupling tax benefits with a savings plan can lead to a secure financial future.
Receiving large refunds to jumpstart your savings plan is possible. The National Benefit Authority has specialists who can guide you in successfully applying for the tax credit. Read the Disability Living blog (http://disabilityliving.ca/) to find out more about these programs. Also, reach out to the most trusted agency in Canada. The National Benefit Authority (http://thenba.ca/) helps people get the money they are entitled to from government.