For Canadians living with disabilities, there are a number of tax breaks designed to compensate for the extra expenses incurred.
A disability is a severe impairment which makes it extremely difficult or time-consuming for you to carry out basic activities of daily living even if you are undergoing therapy and using appropriate devices and medications.
The impairment must last or be expected to last 12 months and severely restrict your ability to see, walk, speak, hear or perform personal care activities or seriously affect your mental capacity to manage your personal affairs.
The definition has been expanded as to allow for the cumulative effect of multiple impairments that individually would not be severe enough to qualify. For example, a taxpayer with multiple sclerosis who constantly experiences fatigue, depressed mood and balance problems will probably now qualify.
Additional modifications also make it easier for sufferers of Type 1 juvenile diabetes to claim the disability credit. The government has added the monitoring of blood sugar levels and dosage requirements to the types of activities that constitute therapy. As a result, more diabetics should now qualify.
But before you start adding up your expenses, you must first file Form T2201 - the Disability Tax Credit Certificate - with your return. The form has to be completed by a doctor, optometrist, audiologist, occupational therapist, psychologist, physiotherapist or speech language pathologist and is used by the CRA to determine if your disability meets the prescribed requirements.
A recent survey by H&R Block showed that 30 percent of Canadians would file their taxes sooner if they did not have to wait for their slips. You could greet your mail carrier everyday looking for your tax slips but there are some other options.
Retrieving your tax slips could be at your fingertips. Some information slips are available via the internet. All you need to know is where to find them and have access to view and print them. For example:
You will need to have specific codes before you are able to access your information. This will consist of either a Personal Access Code (PAC) for CPP and OAS slips or your EI Access code. Ask your employer or school administrator about finding your information on-line.
The Canada Revenue Agency (CRA) provides an on-line feature called 'My Account'. My Account includes information about:
You can also manage your personal income tax and benefit account online by:
Tax Breaks for Fuel Efficient Cars
Maximizing your RRSP Contributions
As RRSPs season gets underway, there are differing opinions on how much money to contribute to your RRSP. Here are some general tips to keep in mind:
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