Disability Tax Benefit And What You Can Claim
Anyone who has a severe mental or physical disability will need financial help to allow them to live a happy and safe life. Knowing the entitlement will not be clear to all and it is advisable to seek help to ensure the highest rates are received. Becoming eligible for disability tax benefit is the way to make this happen.
It is important that your doctor is on board when it comes to disability tax benefit as it can be claimed for past years. By reviewing the doctor records, the date that you became eligible will be determined. It is vital that all the details are available as you can then claim tax credit each year. Acceptance that you are entitled to disability tax benefit will also allow applications to be made for other programs.
It is expected that it will be in the region of $1600 that will be saved each year and when you consider that you could be involved with the Registered Disability Savings Plan (RDSP), Disability Bonds and Disability Grants it is clear that savings will be significant. That $1600 will just be the start as each program brings its own additional payment.
The Registered Disability Savings Plan (RDSP) dates back to 2008 and allows both grants and bonds. This disability benefit is going to allow a more comfortable lifestyle for families on a low income. With the bond, the family income has to be less than $41.544 and there is no need to pay into the Registered Disability Savings Plan to get access to the bond. It is possible to claim up to twenty thousand dollars during your lifetime and this is at a rate of one thousand dollars a year.
The Disability Savings Grant will see savings made to the Registered Disability Savings Plan matched by up to 300%, providing the family income has not reached eighty-one thousand, nine hundred and forty-one. dollars.
Over your lifetime this can be as much as seventy thousand dollars at a rate of three thousand, five hundred dollars per year. Once you have put in five hundred dollars each year, this will lead to a payment from the Canadian Government of one thousand, five hundred dollars. When another one thousand dollars is put in the Government will add one thousand dollars.
This benefit is not limited to just the head of the household or the person considered to be the bread winner, but can include, children, home buyers and care givers. It is also possible to class certain tuition as a medical expense and receive disability tax benefit for that as well.