6:46 AM
Unknown
Canada has well over two million people who live with disabilities and the country intended to help them to have a standard of living that is at par with the others. This is why it introduced the disability tax credit Canada in 1988. However, most of the disabled Canadians are not aware of the existence of this tax credit.
This tax credit is mainly to be claimed by a person that is physically challenged and those who do not have an enough taxable income. The same is possible to be split up with family members who usually support the challenged person. This is due to the obvious strain these people create to their families thereby giving such families a relief.
This money is not necessarily to be spent on products or services that are related directly to the disability. It is just a credit that was introduced to enable these people to enjoy or have financial freedom like their able-bodied counterparts. In order to enjoy it however, there is an eligibility criteria that you have to pass.
In order for you to be able to apply for it you must have a significant impairment that impedes your ability to accomplish one or two routine activities in your daily life. You must also have a marked impairment in any one activity that falls under the categories listed. There are eight main areas that the Canadian Revenue Agency considers.
It also considers whether you need therapies to sustain your life or other conditions that are mainly compounded for a collective effect. The kind of disability you suffer from should also have existed continuously for over a year. The same should also be anticipated to continue existing for longer periods.
The Canadian Revenue Agency evaluates all the applications made on the basis of its own evaluation guidelines. This exact same criteria is always applied in all cases notwithstanding the circumstances of a particular underlying disability. It would be imperative that your physician duly fills and signs the T2201 form and also a certificate that bears all your physical or mental challenge details.
The form is filled once but you can request for retroactive reimbursement for periods not more than ten years back. You might also need to re-file this form in case your circumstance changes or even the level of disability changes in a significant way or some new legislation affect your eligibility. If your original eligibility was evaluated as temporary initially and the period that you were granted expires then you should reapply in case the impairment continues.
It is important to note that there are instances when eligible disabled people are denied the tax credit due to making an omission or mistake when filling the forms. This is the reason why it would be wise to have a professional do it for you. It would ensure you reap the maximum benefits as well as avoid all the complexities and subtleties involved.
This tax credit is mainly to be claimed by a person that is physically challenged and those who do not have an enough taxable income. The same is possible to be split up with family members who usually support the challenged person. This is due to the obvious strain these people create to their families thereby giving such families a relief.
This money is not necessarily to be spent on products or services that are related directly to the disability. It is just a credit that was introduced to enable these people to enjoy or have financial freedom like their able-bodied counterparts. In order to enjoy it however, there is an eligibility criteria that you have to pass.
In order for you to be able to apply for it you must have a significant impairment that impedes your ability to accomplish one or two routine activities in your daily life. You must also have a marked impairment in any one activity that falls under the categories listed. There are eight main areas that the Canadian Revenue Agency considers.
It also considers whether you need therapies to sustain your life or other conditions that are mainly compounded for a collective effect. The kind of disability you suffer from should also have existed continuously for over a year. The same should also be anticipated to continue existing for longer periods.
The Canadian Revenue Agency evaluates all the applications made on the basis of its own evaluation guidelines. This exact same criteria is always applied in all cases notwithstanding the circumstances of a particular underlying disability. It would be imperative that your physician duly fills and signs the T2201 form and also a certificate that bears all your physical or mental challenge details.
The form is filled once but you can request for retroactive reimbursement for periods not more than ten years back. You might also need to re-file this form in case your circumstance changes or even the level of disability changes in a significant way or some new legislation affect your eligibility. If your original eligibility was evaluated as temporary initially and the period that you were granted expires then you should reapply in case the impairment continues.
It is important to note that there are instances when eligible disabled people are denied the tax credit due to making an omission or mistake when filling the forms. This is the reason why it would be wise to have a professional do it for you. It would ensure you reap the maximum benefits as well as avoid all the complexities and subtleties involved.
About the Author:
When you are looking for info about disability tax credit Canada locals can come to our web pages online here today. Additional details are available at http://firstsupport.ca now.
0 comments :
Post a Comment