As tax season approaches, I know many of you are getting ready to file your 2024 tax return. Just a quick reminder—the deadline to file is April 30, 2025.
If you or a family member have been approved for the Disability Tax Credit (DTC), don’t forget to claim the disability amount. This can help lower the income tax you may owe.
Here’s how to claim it:
- Claim for yourself – If you are the person with the disability, you can claim the amount on your return.
- Claim for a dependant – If you support a family member (other than a spouse or partner) with a disability, you may be able to claim the amount they transfer to you.
- Claim for a spouse or common-law partner – If your spouse or partner has a disability, you may be able to claim the amount on your return.
In addition, you may be able to claim fees paid to a medical practitioner for completing the DTC application or providing supporting information as a medical expense.
There are many other eligible medical expenses you might be able to claim—like prescription medications, dental work, glasses, and more. For full details, you can check out these two government links:
One more note: If you haven’t started taking money out of your Registered Disability Savings Plan (RDSP) yet, you don’t need to report anything for that account on your tax return this year.
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Disclaimer:
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as investment, financial, legal, accounting or tax advice. Please obtain independent professional advice, in the context of your particular circumstances. This newsletter was written, designed and produced by Samuel Li for the benefit of Samuel who is Advisors at : SamuelConsultant.com is a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.
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