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.
If you have the option of group or personal disability coverage here are some points to consider which outline the differences between group & individual policies.
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.
Last month our newsletter/blog talked about the pros & cons of taking an early pension from CPP. This month we wish to discuss other benefits associated with this government benefit