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Canada Revenue Agency Disability Tax Credit

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Re: Canada Revenue Agency Disability Tax Credit

Post by sabrelove on Fri 28 Apr 2017, 20:57

Artie Simm wrote: yes,  thanks, I understand them going back and reassessing my taxes for 10 years, but if they owe me money, will I have to claim it or is it a tax free refund.?

Artie, the refund is tax free as it is a tax credit on your tax return. However, any interest that they pay you for going back over 10 years will need to be claimed as income on line 121 on your tax return. It will state on your refund letter that the interest is to be reported in the year it is received. It's not a hugh amount, if I remember correctly, but does need to be reported.

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Re: Canada Revenue Agency Disability Tax Credit

Post by Guest on Fri 28 Apr 2017, 14:55

Artie Simm wrote: yes,  thanks, I understand them going back and reassessing my taxes for 10 years, but if they owe me money, will I have to claim it or is it a tax free refund.?

Artie,

It is tax free, you don't claim it.

P.S Just to give you a heads up, I will be moving this topic to the Government Benefits category later, in case your looking for it.

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Re: Canada Revenue Agency Disability Tax Credit

Post by Artie Simm on Fri 28 Apr 2017, 12:30

yes, thanks, I understand them going back and reassessing my taxes for 10 years, but if they owe me money, will I have to claim it or is it a tax free refund.?
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Re: Canada Revenue Agency Disability Tax Credit

Post by czerv on Fri 28 Apr 2017, 11:38

If they 'approve it' for 10 years then they will do reassessment of your ten years taxes reflecting the disability tax credit (if I understand it correctly).
Then, doing the taxes forward should be fairly easy (including the Disabiltiy Tax Credit).
Do not remember if 'going forward' with DTC is for 5 or 10 years?

Cheers,
Arek

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Canada Revenue Agency Disability Tax Credit

Post by Artie Simm on Fri 28 Apr 2017, 11:10

Is anyone here receiving it? If you apply and it is granted I read that they go back and reassess your taxes for the last decade. If you end up getting a 10 year old refund, i.e. a $1000 a year x 10 = $10,000. Would that money need to be claimed on next years taxes? i.e. if I made $30,000 in 2017 and CRA refunded me $10,000 Apr. 30 2017  would I have to file taxes as having earned $40,000 for the year?
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Re: Canada Revenue Agency Disability Tax Credit

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