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.
- Changes in Federal Budget 2022 could mean an automatic DTC for those suffering from Type 1 Diabetes.
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.