If you are disabled or your loved one is, there are tax implications for that as well. This all assumes you have a Disability Tax Credit set up.
- CRA Child Disability Tax Credit (How To) a step by step outline on how to apply for the DTC with the CRA.
- Child Disability Tax Credit Application Letter (Template) a simple template for the letter ton include with your DTC application. This letter along with all relative evidence are needed to apply for a DTC.
- Disabled Children School Fees Medical Tax Credit is something you can apply for if your child goes to a private school that helps with their disability.
- Medical Tax Credit Letter Template shows a model of the letter you need to send to the CRA to ask if you can claim the Medical Tax Credit.
- An excellent article from Brighter Life asking Do you qualify for the disability tax credit ? I am mentioned in this article.
- A good BDO Newsletter that explains Upcoming Changes To The Taxation Of Trusts Benefitting Disabled Folks
- The Henson Trust is another way to save for a disabled loved ones future, and Katy Basi wrote an excellent article on it, Estate Planning for Disabled Beneficiaries – Henson Trusts . The RDSP is not the only answer.
- If you are not sure Please Apply for the DTC , don’t simply not do it because you think it is hard. The only certainty is if you don’t apply you will never receive it.
- Another important thing to have is your CRA My Account set up so you can be up to date with the CRA
- What happens to your RDSP, when you lose your DTC? The rules have changed, luckily.
- There are changes proposed in the 2021 Budget that will change the criteria for the Disability Tax Credit. It is supposed to make it easier to get the DTC.
For those worried about apply for the CRA Medical Tax Credit, here is (hopefully) a helpful video:
Index of RDSP Pages
Here are the RDSP Page List in case you got here and are wondering where to find out more information.
- The Registered Disability (RDSP) page, where you most likely came from. Check here for all things to do with RDSP and applying for it.
- How to Laying the Groundwork for an RDSP outlines the most difficult part of the process which is applying for a Disability Tax Credit (DTC).
- How to Open an RDSP account sounds simple, but it is fraught with landmines and hidden silliness. Open the most flexible investing account possible.
- Disability Tax Related Topics covers a wide scope of tax related ideas and concepts once your loved one has a Disability Tax Credit.
- Autism Specific Articles is a page dedicated specifically to the things I have learned about Autism, money and life.