Being diagnosed with a serious illness like Type 1 diabetes can completely upend your life. Living with this condition is a challenging and heart-wrenching experience, as it has no cure and requires lifelong management. Type 1 diabetes occurs when the immune system attacks insulin-producing cells in the pancreas, which play a vital role in regulating energy and micronutrient levels. This form of diabetes is commonly diagnosed in children and young adults, earning it the moniker of juvenile diabetes.
According to the Canadian government website, the cost of diabetes treatment can range from $531 to $5,264, equating to around $15,000 or more per year. Recognizing that the lifelong cost of treatment can be a financial burden for individuals from low or middle-class families, the government provides support through the Federal Disability Tax Credit. In this article, we will explore whether Type 1 diabetes patients are eligible to apply for this credit.
What is the Federal Disability Tax?
The Federal Disability Tax Credit is a tax credit that is available to individuals with disabilities or those who support them. It is a non-refundable credit that helps to lower their potential income tax burden. The credit was established in 1988 to recognize the extra expenses that Canadians face when managing their physical or mental conditions.
On Thursday, June 2, 2022, a campaign advancement was made in Toronto that ensures that all Canadians with Type 1 Diabetes (T1D) have full access to the Federal Disability Tax Credit. Type 1 Diabetes is a chronic condition that requires ongoing management and can be costly due to the medication, equipment, and supplies needed. The FINA committee approved the Budget Bill (C-11), which certified individuals for the Federal Disability Tax Credit if their practitioner confirms their eligibility.
Which individuals are eligible to apply for the Federal Disability Tax Credit?
Type 1 diabetes, also known as juvenile diabetes, occurs when the immune system mistakenly targets and destroys the beta cells in the pancreas. This results in a build-up of sugar in the blood, as little to no insulin is released into the body. Managing this condition requires regular insulin injections and monitoring of blood sugar levels, which can be time-consuming and costly.
Type 1 diabetes affects around 5 to 10 percent of individuals with diabetes and is typically diagnosed in childhood or adolescence. To be eligible for the Federal Disability Tax Credit, the Canada Revenue Agency (CRA) requires applicants to spend at least 14 hours per week on tasks related to administering insulin, monitoring blood sugar, preparing equipment, and maintaining a logbook of blood sugar levels. Applicants must also have their eligibility verified by the CRA.
If you are a Type 1 diabetes patient, there are several important programs that you can access to assist with your financial security:
- Registered Disability Savings Plan (RDSP): This is a savings program that allows parents and others to save money for a person who qualifies for the Disability Tax Credit (DTC). It is designed to provide long-term financial security for individuals with disabilities.
- Child Disability Benefit (CDB): The Child Disability Benefit (CDB) is a monthly pension payment given to parents who are caring for a child with a severe and persistent impairment in physical or mental functions. This benefit is available to parents of children under the age of 18.
In conclusion,
Individuals diagnosed with Type 1 diabetes must live with the disease for the rest of their lives as there is currently no cure. The cost of diabetes treatment can range from $531 to $5,264 according to the official Canadian government website, which equates to around $15,000 or more per year. Those with Type 1 diabetes are eligible to apply for the Federal Disability Tax Credit and other similar programs. Type 1 diabetes, also known as juvenile diabetes, occurs when the immune system mistakenly targets and kills the beta cells in the pancreas. This results in little to no insulin being released into the body, requiring frequent insulin administration, which can be time-consuming, expensive, and demanding.