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Precedence Private Wealth

Annual Tax Filing and what to do going forward on your income tax return:

....Now that the Credit is approved and the past credit has been received what do we need to do on a forward basis.

....The annual tax filing does not need to be complicated however you will need to make a change from what you were doing prior to your tax filing.

Again this is where you may want to involve a tax professional and make them aware of your new changes to your family situation.

To claim the disability amount for yourself:

....The maximum amount in 2019 is $8,416. This number will increase with inflation. Complete the worksheet for Schedule 1 and then enter the amount ton Schedule 1 which is basically the summary of all nonrefundable Federal tax credits onto line 316.

....There is also a provincial credit. You will need to complete the worksheet provincially and the amount will be claimed on the Provincial Tax and Credits form.

If you are in Ontario that will be ON428 if Sask if will be SK428. The amount is going to vary between provinces.

posted by schilderke