Planning ahead - Financial planning and support - Putting supports in place

Yes it could. You should contact your insurance provider and discuss your house or apartment insurance, car insurance and life insurance. Have someone you trust present when you are meeting with your insurance provider so they can take notes and support you during the meeting.

 Yes, there are credits and deductions available to assist persons living with dementia, which include:

• Disability tax credit
• Attendant care deductions
• Medical expense deductions

Source: The information above was compiled with permission Alzheimer Society of Ontario. (n. d.). First steps: An overview of the dementia journey for people with dementia and their care partners. Ontario, Canada: Alzheimer Society of Ontario.

In Canada, the Disability Tax Credit offers additional tax assistance for persons who have a severe or prolonged physical or mental impairment. Visit the Government of Canada website for more information about the Disability Tax Credit.

Source: The information above was compiled with permission Alzheimer Society of Ontario. (n. d.). First steps: An overview of the dementia journey for people with dementia and their care partners. Ontario, Canada: Alzheimer Society of Ontario.

For Canadians, the disability tax credit can be transferred to either a spouse or supporting person if the individual with a disability has no income.

Source: The information above was compiled with permission Alzheimer Society of Ontario. (n. d.). First steps: An overview of the dementia journey for people with dementia and their care partners. Ontario, Canada: Alzheimer Society of Ontario. 

To be eligible for the disability tax credit, you must complete the necessary form (T2201) and attach it to your tax return. There are two parts to the form. The person with the disability or their supporting partner in the care process must complete the first part of the form. A physician or psychologist must complete the second part of the form.

Source: The information above was compiled with permission Alzheimer Society of Ontario. (n. d.). First steps: An overview of the dementia journey for people with dementia and their care partners. Ontario, Canada: Alzheimer Society of Ontario. 

In Canada, if you are paying for someone to provide care to assist with employment, school attendance, or to conduct research for a grant, you can deduct this expense on your taxes. You must fill out form T929.

Note: this deduction is only available to claim by the person with the disability or illness.

Source: The information above was compiled with permission Alzheimer Society of Ontario. (n. d.). First steps: An overview of the dementia journey for people with dementia and their care partners. Ontario, Canada: Alzheimer Society of Ontario.

In Canada, nursing home expenses, dental expenses, contact lenses and solution, hearing aids and batteries, drug plan payments, premiums paid to insurance company and health insurance, as well as any medical expenses pertaining to your body may be used as a deduction on your tax return. Check with the Revenue Canada or your accountant for changes in allowable deductions.