Taxing of your CPP Disability Benefit


#1

What % of my CPP Disability should I have taken off for taxes? I have received amounts that CPP Disabiity will pay (probably my insurance company). I have also received a form letter asking the percentage of tax that I would like taken off. I can’t even guess at what I should have taken off.


#2

I am wondering the same ! I was thinking maybe 10% ? :woman_shrugging:


#3

Apply for the disability tax credit.


#4

I’ve read the Disability Tax Credit form. While I have a great deal of trouble doing some of the items they list, I either get a friend to help or painfully do it myself. I doubt that I would qualify but I’ll give it more thought.


#5

They consider the combination of everything. :slight_smile:
Don’t be intimidated.


#6

If I were you, I’d take a percentage you’re comfortable with and put it into a little savings account each month. Let it grow interest (even 2% savings account interest). Then at tax time, if you end up owing money, you have it saved, plus, you have made a tiny bit of money on it over the year. Interest is better in your pocket than CRA’s :slight_smile:


#7

What bank pays that? :slight_smile:


#8

Thank you but I feel that I’d rather be owed money by CRA than have to pay it at tax time.


#9

Thank you. I’ll check out the form again and speak with my doctor about it.


#10

RBC high interest is .95 but sometimes there are bonus promos for 2% for a set amount of time. Many banks also have other intro higher interest rates.


#11

EQ bank is 2.3% right now, no fees :smile:


#12

Thanks-just signed up!