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Technology Up to $90,000 for disabled Canadians who qualify

20:58  07 august  2018
20:58  07 august  2018 Source:   thestar.com

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Only one RDSP account may be set up per qualifying individual, and only that beneficiary is entitled to any payments. The total of $ 90 , 000 grants and bonds available will already have been maximized. ^ "Thanks to Jim Flaherty, disabled Canadians can fulfill their dreams".

You may be eligible to receive up to , 000 for minors or , 000 for adults. Canadians with disabilities qualify for substantial amounts of money from the Canada Revenue Agency (CRA) that they are unaware of. Hearing Loss ,543. 90 .

The RDSP includes up to $70,000 in government grants to match your contributions, plus an additional lifetime bond of up to $20,000 for lower-income households.© Provided by Toronto Star Newspapers Limited The RDSP includes up to $70,000 in government grants to match your contributions, plus an additional lifetime bond of up to $20,000 for lower-income households.

If this plan isn’t for you, it could be for someone you know. It’s called the Registered Disability Savings Plan (RDSP) (https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-disability-savings-plan-rdsp.html) and it allows people with disabilities and their families to save for the future, tax-free — similar to an RRSP.

With up to $70,000 available in government grants matching your contributions, and an additional lifetime bond of up to $20,000 for lower-income households, the RDSP can make a huge financial difference for disabled individuals.

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Disability Tax Credit Certificate. Qualifying Disabilities . HandyTax Specializing in Disability Tax Refunds for Disabled Canadians . • Up to $ 90 , 000 when setting up a Registered Disability Savings Plan (RDSP). Free Consultation.

• Your earned income ( up to , 000 ) plus ,600 (,850 if 65 or older and blind). Aliens. To be your qualifying child, a child who isn't permanently and totally disabled must be younger than you.

The RDSP is only for those with serious and ongoing physical or mental impairments. Parents can set up RDSPs for their disabled children, or disabled adults can set up plans for themselves.

The problem is that the RDSP is reaching few Canadians.

In 2015 only 24.3 per cent of people who were eligible had an RDSP, says a recent report titled “Breaking Down Barriers” (https://sencanada.ca/content/sen/committee/421/SOCI/Reports/2018-06-18_SS5_RDSP-DTC_FINAL_WEB_e.pdf) by the Senate’s Standing Committee on Social Affairs, Science and Technology.

Because eligibility is tied to qualifying for the Disability Tax Credit (DTC) (https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/tax-credits-deductions-persons-disabilities/disability-tax-credit.html), which in itself is a complicated process, the committee found fewer than 40 per cent of the more-than 1.8 million people with a qualifying disability claim the DTC.

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You May Qualify For Up To , 000 In Disability Tax Refunds. I specialize in helping Canadians who are disabled as well as those with lesser health issues obtain cash refunds that they are due.

A range of disabilities and conditions qualify , from migraines to dementia, depression, chronic pain and beyond. Fill out our form now! Canadian Disability Benefits can help you get up to , 000 in disability refunds. There's no cost or obligation. Disabled ?

Rachelle Berube is the parent of a 10-year-old son with autism. After qualifying for both the DCT and RDSP this year, she suggests parents document the particulars of their child’s medical condition, leaving nothing out, including how they function at school. As well, she says for parents to include how their child’s disability has affected their own lives.

“We don’t want to think our kids are going to have problems in life — but that everything is going to work out, which it might. Money helps,” says Berube.

Since no bond or grant should go unclaimed, I’ll walk you through the steps and share resources you’ll need to get the money.

1. Get a Social Insurance Number

You need a SIN to both work in Canada and to access government programs and benefits, such as the DTC and the RDSP. New parents can make an application through the Newborn Registration Service https://www.canada.ca/en/employment-social-development/programs/sin/newborns.html, while everyone else can apply at Service Canada https://www.canada.ca/en/employment-social-development/services/sin/apply.html.

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Even qualifying Canadians who don’t meet the low-income threshold should consider opening an RDSP, since the government will still fully match annual contributions, up to , 000 , with a grant. Mortgage Qualifier . Begin the process of finding out how much you can borrow.

Qualifying Disabilities . • Up to $ 90 , 000 when setting up a Registered Disability Savings Plan (RDSP). HandyTax has had success in the past helping disabled Canadians with Cancer get retroactive disability tax credit refunds from the Canada Revenue Agency.

2. Build your team of experts

Getting through the medical paperwork and ticking all the right boxes requires the knowledge and experience of a strong team. The challenge for many is getting the documentation accepted by the Canada Revenue Agency, with supporting reports from a physician. This precise documentation often comes with fees. As well, wait lists for specialists versed in the onerous process are common.

The CRA’s frequent rejection of medical decisions was an issue for the Senate standing committee, which recommends moving DTC and RDSP responsibility to Employment and Social Development Canada. But until then, be aware the CRA appeals process is arduous and having access to a diagnosing doctor, specialists, and a foundation or umbrella organization that provides support through the application process may help you navigate the challenges.

3. Apply for the Disability Tax Credit (DTC)

With your team assembled, fill out Form T2201 — the Disability Tax Credit Certificate https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2201.html — and apply to the CRA. If your application is rejected, ask why and don’t get discouraged. Be persistent and try again.

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Given this issue, it is no surprise that adults who have ADD–and therefore often qualify for the Canadian disability tax credit–often struggle to earn a Canadian Disability Benefits specializes in securing the maximum Disability Tax Credit for disabled Canadians . In many cases up to , 000 !

People who qualify through the medically needy pathway must meet the eligibility criteria for another coverage group but for their income and/or assets. The median asset limit for this pathway was , 000 for an individual and , 000 for a couple in 2015.

But beware of predatory practises. Due to the complexity of the Disability Tax Credit Certificate forms and large sums of financial entitlements offered through the DTC and RDSP, an industry of promoters and consultants has cropped up offering to handle all the paperwork for a signification fee.

Contingency fee consultants should be your absolute last resort, with my personal preference being “never.” Disability benefits belong in the hands of those who need them most and who often live at the poverty line: disabled Canadians.

4. Interview financial institutions, but beware

The RDSP is not a product many front-line staff are familiar with, so find a banker who knows about the plan. Ask if there are investment restrictions; some financial institutions only offer high-fee products, such as bank-branded mutual funds. Seek out lower cost options like ETFs and plans without administration costs.

5. Open an RDSP and collect up to 90K

With the DTC in hand, go ahead and open the RDSP. There are two types of government benefits available: the Canada Disability Savings Grant (CDSG) and the Canada Disability Savings Bond (CDSB).

The CDSG provides matching contributions of up to $3,500 annually, with a lifetime limit of $70,000, while the CDSB allows qualifying low-income families to collect $1,000 per year up to a maximum of $20,000.

For those starting a little later, no worries. You can carry forward unused entitlements to a maximum of $10,500 for the CDSG and $11,000 for the CDSB in one year.

Until the process is easier for families and disabled individuals to qualify, tenacity is needed.

Kerry K. Taylor is a Toronto-based writer and a freelance contributor for the Star. Reach her at [email protected]

Do you really need an RRSP to retire? .
Riza is worried about retiring without an RRSP. But do you even need one?—Riza

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