FINANCIAL CONCERNS,
ESTATE PLANNING AND INCOME TAX ISSUES
(COURSE 004)
Presented by Morton
Cohen, Chartered Accountant
Canadian
Information
Some Brief Words
About Financial Planning:
Parents and legal guardians with children who have autism spectrum disorders
(and other disabilities) should have trust funds and up-to-date wills in place.
Discretionary
Trust: * holds your child's assets
* allows relatives to give the child monetary gifts
* allows bequests
It will cost you
between $400 and $600 to hire a lawyer to set this up. It is imperative that you
do this today, no matter what your age is or the age of your child (ren).
You must have enough liability and life insurance, a will, power of
attorney (financial) and power of
attorney
for health issues (in case you become sick). The power of attorney
is a mechanism to help
others
understand your wishes for your child.
Your child must have a power of attorney for financial and health
issues as well.
You must have a trustee to ensure your wishes are carried out.
You must have a place for your child to live after you die.
Try contacting
Assistance for Community Living (Toronto's Rod Walsh. He is the legal counsel
there and can direct you to a place to get your trust set up for less money.
Be sure any lawyer
you hire has this type of experience!
INCOME TAX
INFORMATION
Information
Concerning People with Disabilities 2000
La
version française de cette publication est intitulée
Expanded
Criteria for the Disability Tax Credit
Disability
Tax Credit Certificate (PDF)
Medical
Expense and Disability Tax Credits and Attendant Care Expense Deduction
T929 Attendant
Care Expenses (PDF)
330
- Claiming Medical Expenses
What should you
claim?
Expenses directed by
Licensed Practitioners.
Who are Licensed
Practitioners?
Naturopaths, Physical
Therapists, Christian Science, Psychologists, Speech-Language Pathologists,
Occupational Therapists, Chiropractors and anyone licensed in Ontario who is
relevant to the type of therapy being used. Ask these practitioners to
give you a letter on their letterhead prescribing the treatment as necessary for
your child.
Keep receipts for
everything (including reinforcers, parking stubs, gas receipts, office
supplies, postal receipts, meals if traveling for medical help and more.
Have only one item per receipt. You can claim alterations to your house,
preventative diagnoses, rehabilitative therapy. Try claiming supplements
prescribed by your DAN doctor.
The point is, TRY
CLAIMING EVERYTHING CONNECTED TO YOUR CHILD'S DISABILITY!!! If your claim is
rejected, keep filing objections. If you've missed the deadline for
deductions, contact the Fairness
Commission.
Diapers for
incontinence: You can claim any amount over the allowance given you by
Assistive Devices.
Note: If you secure
the services of an accountant to help you with your income tax deductions for
your child with disabilities, you can claim this as a medical expense!
BE SURE TO KEEP
RECEIPTS OF ALL YOUR "PARENT EMPOWERMENT" WORKSHOPS, AND ANY OTHER
COURSES, PRESENTATIONS AND WORKSHOPS YOU ATTEND CONCERNING YOUR CHILD.
THESE CAN ALSO BE CLAIMED ON YOUR INCOME TAX!
Write a letter to
Revenue Canada for past claims if you are turned down or you have forgotten to
file and are trying to claim past years. If this does not work, contact
the Fairness Commission
