What is My Tax Bracket ?
Do You Know Your Tax Bracket? Saw that question (What is my tax bracket?) in Money Magazine as a frequently asked question, so let me help you out (for those in Canada), with a few… Read More »What is My Tax Bracket ?
Tax Tips for Parents with Kids with Disabilities
It is important to give tax tips for parents with kids that have disabilities, as they deserve all the help we can give them!
Splitting Income For Single Income Families
This was written before Line 423 appeared on your CRA allowing for partial Family Income Tax Credit, but I still can’t get my head around why they don’t make it a complete tax credit. Isn’t… Read More »Splitting Income For Single Income Families
What is my TFSA Limit?
What is my TFSA limit ? You simply check the CRA web site, or you can call and ask as well. Remember money you withdrew this year, won’t be reflected yet.
Disability Tax Credit: Please Do It Yourself
The Disability Tax Credit (DTC) is a valuable benefit offered by the CRA to help Canadians living with disabilities or supporting a disabled family member. Unfortunately, some third-party advisory firms have capitalized on this by charging exorbitant fees—often 20% to 30% of the full tax refund—to “assist” in the application process. These services, while appearing helpful, can be predatory, especially when clients are vulnerable and unaware they can apply themselves.
This article shares a first-hand perspective on successfully applying for the Disability Tax Credit, emphasizing the increasing accessibility of doing so through CRA’s MyAccount and updated eligibility criteria that now include a wider range of medical practitioners. It also highlights legal concerns, allegations of CRA audits, and the risk of having credits clawed back due to improperly filed claims.
The takeaway: Do not use services that charge a percentage-based fee. Either handle the application yourself or consult a reputable accountant who charges a flat rate. The article includes links to investigative reports from the Toronto Star and CBC to help readers make informed decisions and protect their refunds.
