- Strategies to manage finances
- Professional and family support with financial matters
- Putting financial supports in place
- Preventing exploitation
As the illness progresses, making decisions about finances can become increasingly more challenging. That is why it is important to begin the process of planning now, and to make sure you are aware of the financial support available to you.
Frequently asked questions
Will a diagnosis of dementia affect insurance policies? Click for answer
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.
Are there tax credits or other financial supports to assist me and my family? Click for answer
Yes, there are credits and deductions available to assist persons living with dementia, which include:
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.
What is the disability tax credit? Click for answer
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.
Is it possible to transfer the disability tax credit to my spouse or supporting person? Click for answer
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.
What form must be filled out to get the disability tax credit? Click for answer
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.
What are attendant care deductions? Click for answer
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.
What medical expenses can you deduct on your Canadian tax return? Click for answer
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.
Helpful links and resources
Canada Revenue Agency: Persons with disabilities
Provides a listing of tax packages and all relevant forms for download
1-800-959-2221
TIPS (Tax Information Phone Service):
1-800-267-6999
TTY:
1-800-665-0354