Canadian Disability Benefits, What is it and how it can help you!
What is the Canadian Disability Benefits?
Living diagnosed with a disability can be very difficult. Medical expenses rises, cost of living goes up, and work become a lot more difficult. By contacting Blue Ocean Financials we can get you in contact with specialized reps that can help you go through the process of applying for your Disability Tax Credit Application. The main 3 federal government disability programs are CPP- Disability, Disability Tax Credit, and the Registered Disability Savings Plan.
CPP-Disability
The Canadian Pension Plan Disability is a federal government program that you can tap into if you have previously been employed and is over the age of 18 that have made contributions. Everyone over the age of 18 who is employed contributes to the CCP for Canadian disability benefits through payroll deductions. You can go through the CPP – Disability process by completing an application cpp-disability kit. Which you can get here cpp-disability kit. All form must be sent in by mail in by mail with its original information. The CPP-disability package will include serval forms that would need to be filled out. Which includes – Consent form (For person acting on behalf of person with disability), medical form, child provision form, and a checklist.
Disability Tax Credit
The Disability Tax Credit Certificate is a very powerful government program that can help individuals and families use a tax credit to up against any tax payables when filing income tax at the end of the tax year. You can find more about the process and the benefits it offers through our Ultimate Disability Tax Credit Process.
Registered Disability Savings Plan
The (RDSP) registered disability savings plan is a federal government program that helps Canadians with disabilities help saving for long-term financial security. The big benefit of the RDSP compared to other registered plans offered by the government is the grants and bond that you can receive. The way to be eligible for the RDSP is first qualifying and receiving the Disability Tax Credit Certificate.
All of this information is provided to help educate Canadians living with disability a resource centre to find information and guidance. For more information about your eligible Canadian Disability Benefits feel free to reach out to us at info@blue-ocean.ca
