Disability Tax Credit:
People who have lived with a disability and have not yet claimed their disability tax credit can be entitled to retroactive tax credits ranging from $25,000 to $40,000 dollars going back 10 years.
Generally speaking, the disability tax credit is granted to people with severe mental or physical impairment. However, as long as certain criteria are met, wide ranges of disabilities can still qualify.
In 2020, the maximum federal disability tax credit amount given was over $8500 per person. Supplements are also provided for children under the age of 18 who suffer from disabilities, as well as provincial credits.
Disability tax credits are provided to relieve some of the financial burden associated with coping with disabilities. People who support those that are disabled can also benefit greatly from this credit. Do you qualify for the disability tax credit?
Child Tax Credits:
Every parent knows how expensive it can be to raise children. In the past ten years, 3 main types of child tax credits were provided aimed at alleviating some of the financial pressure from parents. Universal child care benefit, the Canada child tax benefit, and the current Canada child benefit.
The UCCB was provided for families with children under 6 years old, and the CCTB for families with children under 18. These two credits have now been replaced by the new Canada Child Benefit.
In 2020, the CCB amounted to an annual benefit of up to 6,765 per child under the age of 6 and up to $5,708 for children under 18.
Claiming lost child tax credits can result in tax refunds of several hundred to thousands of dollars. Have you claimed all the child tax credits you are entitled to?