Over the last couple of months I’ve had a number of inquiries concerning the Disability Tax Credit and how to request an adjustment. I’ve also completed a number of them, with one in particular going back to 2004. What is also important to know, is the annual amounts for the Disability Tax Credit. The following is a chart to help you complete your T1 Adjustment with the exact annual amounts to help make the application easier for you and accelerate the Canada Revenue Agency (CRA) processing time.
These amounts pertain to line 316 of your personal tax return. It’s also important to remember that these credits are calculated at 15% of the amounts listed above to help reduce your Federal Tax payable. An example is for the year 2010. 15% of $7,239 is $1,085.85. This means that your Federal Tax payable could be reduced by $1,085.85. If you personally cannot use the total amount of the credit, it can be transferred to your spouse or supporting person. And remember, a T1 Adjustment must be prepared for each year you qualify for the credit.
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Until next time,