If you are disabled or know someone who is, there are tax reduction programs and new savings opportunities available that should be explored before filing tax returns.
“If you or a family member has a prolonged and severe medical condition that restricts basic daily living activities, certain programs are available to provide more financial security,” explains Chartered Accountant Heather O’Gorman, Manager, BDO Dunwoody LLP in Cobourg.
“These include the Disability Tax Credit and a new HYPERLINK "http://www.disabilitytaxcredit.ca/rdsp.html" federal-government-sponsored savings plan called the Registered Disability Savings Plan (RDSP). The deadline for opening an RDSP and making contributions for the 2008 contribution year has been extended to March 2, 2009. The 2009 RDSP contribution year will begin on March 3, 2009. There are also enhanced tax credits available for qualifying dependent children.”
Check the Canada Revenue Agency (CRA) website at
[url=http://www.cra-arc.gc.ca/tx/ndvdls/sgmnts/dsblts/menu-eng.html]http://www.cra-arc.gc.ca/tx/ndvdls/sgmnts/dsblts/menu-eng.html[/url] for more information.
Brought to you by the Institute of Chartered Accountants of Ontario.
The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>
