On October 4th, the Canada Revenue Agency (CRA) released a new version of the Disability Tax Credit (DTC) Certificate (Form T2201). The DTC is a non-refundable tax credit that helps people with disabilities or their support person reduce the amount of income tax they may have to pay. Eligibility for the DTC is also a prerequisite to opening a Registered Disability Savings Plan (RDSP), which we’re talking about more than usual right now because October is #RDSPAwareness Month. Everyone should be talking about the RDSP!
Form T2201 is now lengthier—with space for medical practitioners to detail how applicants are restricted under each criteria. Medical practitioners can also fill out their portion of their form online before printing it off for applicants to sign and submit. To view the new form and learn more about how to submit an application, visit: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2201.html.
What is the RDSP? The Registered Disability Savings Plan (RDSP) is the world’s first savings plan designed for people with disabilities. Even with little to no personal contributions, government contributions can be significant. For people with low income (less than $32,028), the federal government will deposit up to $1000 each year for 20 years!
Everyone should be talking about the RDSP! Unfortunately, we know this isn’t the case. Even with the financial security that it can provide, many people who qualify still don’t have an RDSP. Being approved for the DTC is the most important thing to have before you can open an RDSP, and can allow eligible people with disabilities to access many other benefits and credits.
People with disabilities should not face disproportionate barriers to achieving financial security. This month, the Access RDSP partnership between DABC, Plan Institute, and BCANDS celebrates the RDSP by discussing its potential to reduce poverty and promote financial security.
Help Us Spread the Word! We hope you join us in spreading the word so that everyone eligible can access the RDSP. Visit www.rdsp.com to find out how you can get the word out, engage with us here on Facebook and on Twitter at @DisabAllianceBC using the hashtag #RDSPAwareness, and encourage people who would benefit from the RDSP to find out more.
Together, let’s get everyone talking about the RDSP.
COVID-19/DABC OFFICE UPDATE
After much discussion and consideration of the risks associated with COVID-19 as well as the needs of clients who require in-person support, DABC’s office will re-open soon to some clients. We will be re-opening using a staggered approach to lessen risk and allow us to adjust to welcoming clients to a new space.Click here for more info.
Since 1977, Disability Alliance BC has been a provincial, cross-disability voice in British Columbia. Our mission is to support people, with all disabilities, to live with dignity, independence and as equal and full participants in the community. We champion issues impacting the lives of people with disabilities through our direct services, community partnerships, advocacy, research and publications.
We acknowledge and have deep gratitude to work together on the unceded traditional territories of the xʷməθkʷəy̓ əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and Selíl̓witulh (Tsleil-Waututh) Nations of the Coast Salish people. We honour the many territorial keepers of the lands.