Disability Tax Credit
Tax credits and deductions are available for persons with disabilities, their supporting family members, and their caregivers. The Disability Tax Credit is a non-refundable tax credit used to reduce income tax on their income tax return. The disability tax credit is available to people with a severe and ongoing, physical or mental disability.
The costs associated with a disability are unavoidable expenses that other taxpayers’ don’t have to face. The purpose of the Disability Tax Credit is to provide for greater tax equity by allowing some relief for disability costs. Being eligible for the Disability Tax Credit can create eligibility for other federal, provincial, or territorial programs such as the registered disability savings plan, the working income tax benefit, and the child disability benefit.
At AACT Financial Solutions, our team promises to work hard to ensure you are covered. Contact us today for further details or questions you may have concerning Disability Tax Credit.