Many people are unaware of the tax benefits that the government has in place to improve the lives of those dealing with mental or physical challenges on a daily basis. Fortunately, the government allows eligible persons to file tax adjustments for missed years, up to a maximum of ten years. What does this mean to your specific situation?
- The government will reimburse you income tax paid over the past ten years, if you qualify, including applicable interest.
- The average amount we receive on behalf of our clients is between $15,000 and $24,000 and the most we have recovered is over $50,000.
Some other benefits if you hire us to process your Disability Tax Credit and investigate your past income taxes include:
- There may be tax credits available to transfer to other family members.
- The tax returns of other family members could be affected favourably if we can arrange them in a beneficial way.
- We will check all re-assessments carefully to ensure that they are calculated properly.
Some examples of missed items that we found on clients’ past taxes include:
- RRSP receipts not used
- Medical expenses not calculated properly or used efficiently
- Carrying charges not utilized
- Union dues and donations that were left unclaimed
- Moving expenses that were forgotten
- Spousal and child support deductions never claimed