With over 350 clients Adam and I are consistently asked a number of key financial questions that we thought all of you would appreciate reading.
Here is the Top 10 list of the most frequently asked questions:
The disability tax credit (DTC) is a non-refundable tax credit that those with disabilities, or the people who support them, can claim to reduce the amount of income tax owed. Individuals may claim the disability amount on their annual income tax return once eligible for the DTC.
The purpose of the DTC is to provide for tax equity by allowing some relief for disability costs since these costs are unavoidable expenses.
CPP offers benefits to workers that suffer from a severe and prolonged disability due to accident, illness, or a mental health condition.
Assuming you are under 65 and have contributed CPP premiums in four of
the last 6 years, you may be eligible.