| Why do only a fraction of Canadians with Disabilities receive the income tax benefits? |
|
|
|
|
There are several tax measures aimed at assisting persons with disabilities, both adult and children, and their families.*** Most of these benefits require the Disability Tax Credit Certificate, determined by the Canada Customs and Revenue Agency after a review of an application with a report by your doctor or other healthcare professional. Each person’s case must be addressed individually as the criteria for approval is extremely stringent and specific. Depending on the many surveys done, the best estimate is that between 4 and 7 million Canadians deal with a significant disability. Only a tiny fraction of these receive taxation benefits. Why? An improperly completed application limits the chances of approval, and the appeal The application process has numerous challenges: Administrative issues, complicated rules and lengthy and complex application forms, costs associated with applying, lack of awareness of the value of the benefits, and there potential transferability, are key factors. Eligible healthcare professionals that can complete the forms do not receive adequate training in the key components to communicate effectively to the Canada Revenue Agency assessors. There were major changes in the tax code that came in effective with tax year 2005 to address some of these problems, but most still remain. At DTS we have identified the roadblocks that leave potentially eligible candidates denied, so we’ve created fair and unique systems to clear them and get you a fair hearing. Let us go to work for you.
*** “A detailed and lengthy confidential review is required to ascertain potential eligibility for disability tax credits and or benefits. As such, the preceding article is provided as general information only and should not be used as the basis for any financial decisions. Detailed information on disability tax rules and regulations can be found at the Canada Revenue Agency Website at http://www.cra-arc.gc.ca/disability ” “The views and content expressed here have been provided by the author and not FPSC. This article is meant for informational purposes only and readers are encouraged to check with a qualified financial professional before making any financial decisions.”
|
|||
| < Prev | Next > |
|---|
Are you Eligible?
Take a look at our questionnaire and see if you or anyone in your family might be among the many Canadians missing out on disability tax opportunities.
Free Disability Tax Review
Call 604-415-5311 Today





CFP® and CERTIFIED FINANCIAL PLANNER® are certification marks owned by Financial Planning Standards Board Ltd. and awarded by Financial Planners Standards Council in Canada, through license.