Financial planning for a family with a child with a disability is complex, and families should always seek the advice of professionals. The following information is shared to provide basic information and sources of additional information.
ARCH Disability Law Centre
ARCH Disability Law Centre is a specialty legal clinic that practices exclusively in disability rights law. Since incorporation in 1979, ARCH has been a leader in disability rights advocacy and test case litigation. ARCH is dedicated to defending and advancing the equality rights, entitlements, fundamental freedoms and inclusion of persons with disabilities with low income in Ontario. ARCH is primarily funded by Legal Aid Ontario.
Canada Revenue Agency
There are a number of income tax deductions and credits related to disability that may impact the amount of tax you have to pay. These include:
- Canada Caregiver Amount
- Disability Supports Deduction
- Disability Amount transferred from a Dependent
- Home Accessibility Expenses
- Medical Expenses
Check the Canada Revenue Agency for more information and seek professional advice for help with completing your tax forms.
www.canada.ca/en/services/taxes/income-tax.html
Community Living Ontario
Inspiring Possibilities Estate Planning Guide ( English and French) A Tax, Benefits, Trusts, and Wills Toolkit for Ontarians with Disabilities (requires a sign-in process to access the resources).
https://communitylivingontario.ca/en/estate-guide
Registered Disability Savings Plan
A registered disability savings plan (RDSP) is a savings plan that is intended to help parents and others save for the long-term financial security of a person who is eligible for the disability tax credit (DTC). For more information, check the Canada Revenue Agency website or with a professional financial planner.
Registered Disability Savings Plan
Private Insurance – Extended Health Care Benefits
Extended Health Care Coverage provided as a benefit through your employer may cover some of the costs related to the care of a child with a disability, including equipment such as wheelchairs. Check your benefit plan to find out what costs they might cover.
Financial Planning Resources
Disability Credit Canada
Information and guides about teh Disability Tax Credit and Canada Pension Plan eligibility and application. https://disabilitycreditcanada.com/resources/
Gluckstein Lawyers
Long-Term Disability Lawyers. www.gluckstein.com
Lifetrust Planning
Special Needs planning for child with a disability is more than just preparing a legal document and leaving your child some money. www.life-trust.com
Partners for Planning
The Planning Network helps you navigate each step and life stage, empowering you with all the right tools and inspiration along the way. www.planningnetwork.ca
Planned Lifetime Advocacy Network (PLAN)
PLAN offers customized planning and advocacy to help families navigate the many complex parts of securing the future for loved ones with disabilities. plan.ca
Pooran Law
Tax, Trust and Estate Planning Lawyers. pooranlaw.com
