If you are a disabled person, thousands of questions will arise once you come across the term Disability Tax Credit (DTC). Some of the questions you get will include how to apply for DTC, what is the eligibility of DTC, how much amount you will receive, and several other things.
DTC helps working professionals to save their hard earned money by reducing their income tax amount. Like the working professionals, child disability tax credit option is also available. You can check the medical practitioner to find out whether your child is eligible for child DTC.
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First, you must know the meaning of Disability Tax Credit. According to the Canada Revenue Agency (CRA), DTC is a non-refundable tax benefit in which the income tax amount of disabled persons is reduced. Are you a disabled individual, but you could not recover complete or section of DTC due to less taxable income, then you can transfer DTC to your spouse or any supporting person.
The CRA has defined the rules and restrictions about the eligibility criteria for DTC. You will only know that you are eligible for DTC only if CRA qualifies your application for DTC. You are eligible for this tax benefit only if you have prolonged impairment at least for a year. You have severe mental or physical disability. A qualified medical practitioner must certify that your disability is severe and for a long period by offering the Disability Tax Credit Certificate.
Filing Form T2201 and completing all the paperwork is a time-consuming and difficult process. An incorrect or unfilled application can result in rejection of the application. Every year several thousands of disability tax credit application is filed.
Do you feel that you are eligible for DTC? Then it is good to get Free Disability Consultation to determine whether you are eligible to receive the tax benefits from CRA. Before you apply DTC, you must DTC official website to understand the eligibility and the maximum amount you can claim for your disability. This will be helpful and saves your time and energy if you found to be not eligible for DTC benefits.
If your earning limit is very low to get the DTC tax benefit you can combine your income with the income of your spouse and apply DTC so that you can get maximum benefits. For applying DTC, you must visit a health practitioner and get the certificate from a medical practitioner that is affected by prolonged and severe impairment for more than a year.
For different types of disability, there are different specialized medical practitioners available. You must ensure whether you visit the specialized medical practitioner based on your disability. You must realize that getting the Disability Tax Credit form from a medical practitioner is a significant step to avail DTC benefit. It is hard to reprocess the rejected application.