This is from 2015 but a lot of the advice is still valid. I don’t think I am friends with Turbotax though.
Our friends at Turbotax had one of their associates tax expert and personal finance consultant Robin Taub send me a few Tax Tips for families with disabled family members .
(Image courtesy of Stuart Miles, at FreeDigitalPhotos.net
Here are a few of her tips:
- Parents can save for the long-term financial security of a disabled child with a Registered Disability Savings Plan, and although contributions are not tax-deductible, your investments grow tax-free while they remain in the plan. Government grants for eligible beneficiaries will also add to your savings. Remember also about Henson Trusts too.
The children’s fitness tax credit for ongoing physical activities or classes, which has been increased to a $1,000 per child for 2014 and subsequent tax years, provides an additional $500 for a disabled child under 18 years of age (one who is eligible for the disability tax credit.)- Parents with a dependent child or grandchild 18 or older who is physically or mentally disabled can claim the amount for infirm dependents 18 or older. The maximum amount for 2014 of $6,589 includes the family caregiver amount.
Conclusions
Some important points to remember, remember to take advantage of all the tax credits that you can, it is your money to have. Remember to check out my RDSP page where this and many other helpful posts like this are archived.
