The Disability Tax Credit (DTC) is often overlooked and Canadians need to be aware of it. The disability tax credit can provide significant financial assistance when used strategically. Many people assume because of it’s name that you must be “disabled” in order to qualify. That’s simply not the case, as any medical condition can qualify an individual for the disability tax credit.
The disability tax credit is unique from any other program in Canada for a number of reasons. For one, the approval process and eligibility criteria are completely different than any other tax credit, or disability benefit program in Canada. Unlike any other tax credit in Canada, the audit process often occurs prior to being approved.
The Disability Tax Credit is also unique because it is used by the Canadians government to determine eligibility for a number of programs, such as the Registered Disability Savings Plan (RDSP), government bonds and grants and other benefits and tax supplements. That’s one of the many reasons why it’s important to make sure your Disability Tax Credit application gets completed properly, to ensure your eligibility for all the benefits.