Child Disability Tax CreditDISABILITY TAX CREDIT BENEFITS: CHILD DISABILITY BENEFIT & RDSP

CHILD DISABILITY BENEFIT

A parent or legal caregiver of a child under the age of 18 who suffers from a disability can qualify for Child Disability Benefit following the approval for the Disability Tax Credit. The parent or caregiver qualifies for a monthly supplement that can also be claimed retroactively. This benefit is not based on taxes paid. We can still help you get up to $40,000 for your child, even if you are from a low-income family.

Families who are or were receiving the Canada Child Tax Benefit may also qualify for the Child Disability Benefit. Not only can we help you qualify for Child Disability Benefit, but we will also do all of the work necessary to ensure you receive the maximum amount you are entitled to as a parent or caregiver.

REGISTERED DISABILITY SAVINGS PLAN (RDSP)

After qualifying for the Disability Tax Credit (DTC), individuals will also benefit from participating in the Registered Disability Savings Plan. This savings plan, along with the DTC, will help offset the additional expenses an individual with disabilities faces. RDSP is a long-term financial savings plan that helps you plan for the future and know that the Canadian government will contribute additional funds towards your savings account.

At First Support Professionals, we make qualifying for RDSP stress free and convenient for you. Following your approval for Disability Tax Credit, you can simply contact a major financial institution that offers RDSPs and open an account on behalf of yourself as a qualified disabled or supporting family member. Best of all, any one of your family members can help contribute to an RDSP. Additionally, there is no annual contribution limit, although the lifetime contribution limit is $200,000.

As you can see, if you wait longer to get started, your decision may decrease the amount that you get back for the past 10 years in Disability Tax Credits and the amount you may be able to contribute to your RDSP. Let us help you make up for the past refund you were missing out on and guide you towards the financial stability you deserve for the future. Complete the FREE Consultation form below to get started!

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