In addition to reducing income tax through a non-refundable credit, the Disability Tax Credit (DTC) serves as a gateway to a wide range of additional tax benefits and government programs. Eligibility for the DTC can unlock enhanced credits, financial supplements, and long-term savings opportunities that go well beyond the tax return. Understanding how the DTC connects to these broader supports is essential for maximizing financial stability—both for individuals living with disabilities and the family members who support them. Unfortunately, many taxpayers miss this credit and their tax and financial advisors can certainly help when this happens.
Barb Reimer from Calgary, Alberta recently completed Elements of Real Wealth Management and she believes the course will improve her preservation practices.
CRA recently published the prescribed allowable mileage rates for simplified travel deductions and determined that it was cheaper to drive in Alberta in 2014 than the previous year.
Does the new government’s promise, expected soon, to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs? What are alternatives in your view?