The Registered Disability Savings Plan is apparently an often overlooked tool.  The RDSP allows you to save money for a disabled persons long term financial stability.

You can put funds to a registered plan, and the government of Canada will contribute additional funding.

The total grants can be quite lucrative, and may get even more so, since the plan is currently under review.  Read up on it here and here.

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Did you have to pay a large medical bill for your dependent?  Perhaps you modified a van for a disabled parent, or paid nursing home fees for your aunt?

In the past, you were limited to claiming only $10,000 in medical expenses for adult dependents.  That limit has been lifted beginning in tax year 2011.

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This is a hugely popular tax credit (and we haven’t even had a chance to claim it yet!)  Starting with 2011, Volunteer Firefighters may be eligible to claim a new non-refundable tax credit. The tax credit is for $3,000, so based on our current federal tax rate of 15%, that translates into actual tax savings of $450.

And don’t forget, if you live in Nova Scotia you can also claim the $500 refundable Nova Scotia Firefighters Tax Credit. Combined together, this results in total annual tax savings of $950!

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