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Professionals include (but are not limited to): Doctors, Social Workers, Teachers and Support Staff.
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Strategy for recipients of the Ontario Disability Support Program (ODSP) to purchase a home.
Owning a home is one of the common financial goals for many Canadians. For people who are receiving the benefits from the Ontario Disability Support Program (ODSP), purchasing a property as their primary residence could involved more complex planning. The ODSP has many specific rules, without careful planning in advance, making any financial move could potentially affect one's eligibility in receiving the benefits. In our business practice, we have the privilege in work with many ODSP…
For Canadians with disability, the anti-avoidance rule will also extended to the Registered Disability Savings Plan (RDSP).
In the 2017 Federal Budget, there are a number of proposals that could impact the financial, tax and estate planning of Canadian. For families with disabilities, there is an improvement when applying for the Disability Tax Credit. Here's the update about the Disability Tax Credit: http://samuelconsultant.com/disability-tax-credit-2017-update/
Also, the anti-avoidance rule will also be extended to the Registered Disability Savings Plan (RDSP). A number of anti-avoidance rule exists for…
Budget 2017 proposes to add nurse practitioners to the list of medical practitioners that could certify eligibility for the disability tax credit. A nurse practitioner would be permitted to certify for all types of impairments that are within the scope of their practice.
There has been a number of changes in the 2017 Federal Budget. One of them pertains to the Disability Tax Credit. If one could recall, Disability Tax Credit is a non-refundable tax credit for Canadians who have prolonged physical or mental disability. It is designed to reduce the amount of income tax that the disabled person needs to pay to the government. By having it approved, this could potentially open up the doors to other government benefits such as the Child Disability Benefits and Ca…
A list of tax savings and benefits ideas for Canadians with disabilities.
To help you in getting most of the disability tax savings and benefits, when you do your tax filing this year, you may want to discuss with your accountant first whether you would be eligible for the tax credits, deductions or the benefits below.
Disability Support Deduction:
- A disability supports deduction is available to individuals with mental or physical impairments where certain expenses are incurred to allow the individual to…
Illustration that shows how a family with special needs could enhance their savings through the Registered Disability Savings Plan (RDSP) starting 2017.
Two weeks ago, I sent out a reminder to the families that I'm working with to start planning for their RDSP contribution in 2017. Especially, by the month of March, many of them have already received their "Annual Statement Of Grants Entitlement for 2017". This is the letter which stated how much should their family contribute into their RDSP, in order to receive the maximum amount of Canada Disability Savings Grants.
I recently received an inquiry from a client, and she asked: "Sam, I…
A post that explains why some families are receiving less Canada Disability Savings Grants (CDSGs) than they used to in their RDSP account.
A number of families that I am working with already received their "Annual Statement of Grants Entitlement" from the government. Some of them contacted me and had the common questions "Why My RDSP Matching Grant Is Less Than The Previous Year's?"
If one could recall, Canada Disability Savings Grants (CDSGs) are matching grants provided by the Government of Canada, where its purpose is to encourage families with disabilities to make contribution into their RDSP account in building up their…
2017 Updates on the Registered Disability Savings Plan (RDSP)
To start off planning for your Registered Disability Savings Plan (RDSP) in 2017, I contacted Mackenzie Investments. They are one of our long-term business partners, and the top notch financial company when it comes to RDSP planning. They provided me with the new figures of the family net income to calculate for the grants and bonds. There hasn’t been too much change, the government once again increased the income threshold by a little, which makes it slightly easier to qualify for these…
Improvements that many Canadians with disability would like to see in their Registered Disability Savings Plan (RDSP).
I love the RDSP, that’s no question about it. Although I believe this is one of the best programs we have in Canada, I also believe there is always room for improvements. Therefore, a couple of weeks ago, I sent out an email asking my subscribers: “If you can change anything about the rules of RDSP, what improvements would you like to see?“. I received a lot of feedback, and below are the top 6 suggestions.
1) Extend The Age Limit To Receive The Canada Disability Savings Grants And…
This is a list of disability-related benefits available to residents of Ontario. Some are providing income, employment supports, while some cover the costs of assistive devices.
I wrote several articles that focus on how to enhance the long term savings of a disabled individual through the Registered Disability Savings Plan (RDSP). Accumulating long-term savings is important, but families with special needs may also have other financial needs. For instance,
- Is there any income support programs to finance your daily expenses?
- Where could you find employment support when you are ready to contribute to the workforce?
- Will there be any government assistance to start…
An article that explores the benefits and how to apply for the Disability Tax Credit. This is especially useful to Canadians with prolonged disabilities.
What is Disability Tax Credit (DTC)?
I wrote about the Registered Disability Savings Plan (RDSP) awhile ago. To refresh your memory, in order to be eligible to open a RDSP account, the disabled individual must first be approved with the Disability Tax Credit (DTC).
The Disability Tax Credit is a non-refundable tax credit for Canadians who is diagnosed with prolonged mental or physical disability. When you read the Disability Tax Credit Certificate, the definition of "Prolonged" is "An…
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