Are you ready? It’s the most exciting time of the year! April is the month when your tax returns need to be filed! This is a good time to talk about money and prepare for a secure financial future with your chronic disease.
Plan with your loved ones. When planning, be aware of your current assets (cash, property, and other items) and bills. Look at your goals, needs and assets and create a stable budget. Here are a few government resources people with Lupus can use when filing tax returns.
Disability Tax Credit
The disability tax credit (DTC) is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of income tax they may have to pay. An individual may claim the disability amount once they are eligible for the DTC. This amount includes a supplement for persons under 18 years of age at the end
of the year.
The purpose of the DTC is to provide for greater tax equity by allowing some relief for disability costs, since these are unavoidable additional expenses that other taxpayers don’t have to face.
Being eligible for the DTC can open the door to other federal, provincial, or territorial programs such as the registered disability savings plan, the working income tax benefit, and the child disability benefit.
Canada Pension Plan Disability Benefit
This taxable monthly payment is available to people who have contributed to the CPP and who are not able to work regularly because of a disability.
For more information about these government resources, go to http://www.cra-arc.gc.ca/ or ask an Income Tax Specialist or Accountant.