Establishing a Financial Trust: Professional Disability Estate Planning All Through Canada
For families with a family member with a disability, financial trusts can be an extremely crucial part of financial and estate planning and can provide several benefits. Disability Dreams Group can assist you with disability estate planning all through Canada. Many important decisions must be made when establishing a trust as part of an estate plan.
Estate Planning for Beneficiaries with Disabilities
Estate planning is crucial for ensuring your wishes regarding assets and liabilities are fulfilled after you pass away. When planning for a beneficiary with disabilities, it’s especially important to maintain their financial security while preserving access to provincial disability benefits like Ontario Disability Support Program (ODSP).
Key considerations include establishing trusts in your Will. A Testamentary Trust can be included in your will. These steps can ensure that your loved one’s needs are met without losing access to vital benefits.
The Importance of Proper Planning
Without a Will, the province determines who benefits from your estate, which may not align with your wishes. For beneficiaries with disabilities, the Public Guardian and Trustee may get involved. A proper Will ensures that your beneficiary’s needs are met and that assets are managed appropriately.
Disability Tax Credit
Eligibility for the Canadian disability tax credit certificate has more stringent tests than for provincial disability benefits such as ODSP. To assist in estate planning for persons with disabilities, applications to the CRA for the disability tax credit should be made as soon as possible.
Disability Dreams Group is here to guide you through the complexities of disability estate planning all through Canada. Our services help ensure your loved ones with disabilities are financially secure and well-cared for.
Who Can Apply?
Here at Disability Dreams Group, we provide comprehensive disability estate planning solutions all through Canada. Before getting started, we invite you to take a moment to review our application eligibility criteria.
If you have a disability or medical condition that has lasted for at least 12 months, or if you’ve experienced a mental or physical injury that affects your daily living (whether temporarily or permanently) at any point in the last 10 years, you may be eligible to apply. You must be a Canadian citizen, and the disability must be certified by a qualified professional as a significant restriction.
Conditions that qualify include the following:
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ADHD, anxiety disorder, Asperger's syndrome
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Alzheimer's, arthritis, autism
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Bipolar disorder, blindness, brain injury
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Cancer, cerebral palsy, chronic pain
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COPD, depression, diabetes, Down syndrome
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Epilepsy, fibromyalgia, hearing loss
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OCD, PTSD, rheumatoid arthritis, schizophrenia
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Stroke, visual impairment, and more
Benefits of the DTC
The Disability Tax Credit (DTC) helps reduce taxes for individuals with disabilities or those supporting them. Once approved, you gain access to various valuable tax-related benefits designed to keep more of your income.
Key Benefits:
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Lump-sum refunds – Receive refunds for past eligible years, up to 10 years, based on when you became eligible for the DTC.
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Ongoing savings – Enjoy reduced future taxes, with potential savings of about $1,700 per year (indexed to inflation).
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Eligibility for Registered Disability Savings Plan (RDSP) – Access to up to $90,000 in matching grants and bonds deposited into your account.
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Holistic estate planning – Comprehensive estate planning options for you and your family.
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Maximized tax refunds – We will help maximize your tax refund by identifying any overlooked disability or medical tax credits.
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Additional tax benefits – You may also qualify for several credits and deductions, including the following:
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Caregiver amount
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Child disability benefit
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Infirm dependant tax credit
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Medical and attendant care expenses
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Tuition and education credits
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Working income tax benefit supplement
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Refundable medical expense credit
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Home buyers tax credit
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Our Fee Schedule
At Disability Dreams Group, we offer a free consultation—either by phone or in your home—to assess your unique situation, determine if you qualify for tax refunds, and answer all your questions. There’s no upfront cost, as we charge a 15% contingency fee on successful outcomes. All future benefits are yours to keep.
