Disability and personal finance

Disability and personal finance

Disability and personal finance are some of the issues that affect the citizens of Canada from a comprehensive perspective. Individuals with a disability tend to face some difficulties when acquiring their investment, and this contributes a lot towards the decline of the economy in the country. Also, some families have members who cannot participate in any economic activities because they are disabled, and this makes it hard for families to cope up with difficult financial situations. However, the government of Canada has set aside some strategies and measures on how to deal with such cases throughout the country to help in creating an excellent economic atmosphere. Moreover, the government has developed techniques on how disabled people can be able to access any type of personal expenses, including insurance, costs, savings, and even retirements through various stages. This paper will look at the disability and private finance of Canada in the family finance structure.

Purpose of the research topic

The disabled people have been facing a lot of unequal sharing of the government resources that it has set aside to help them because of having so many requirements that omit some of the citizens. Most of the government projects geared towards assisting the disabled people with their personal finance end up helping a few hence eliminating a significant proportion of the citizens because they lack one or two requirements to qualify for the help. I decided to research this topic because a lot of blogs and articles have been addressing the issue, and the government needs to initiate more strict measures when it comes to personal financing of the disabled citizens.

Importance of the research to the families

Through this report, most of the affected families will be able to know where to get specific personal finance assistance as directed by the government. However, it is much clear that most of the affected families are reluctant and fail to identify some personal finance assistance set aside for their disabled family members such as child disability benefit, Canada disability savings grant, Canada pension plan disability benefit, and employment insurance (EI) sickness benefit. Most of the families in Ottawa they lack information regarding the disability tax credit that was set aside by the Canada revenue agency, which makes them continue experiencing severe financial problems. Due to the above ignorance, it is high time the citizens know that the federal government will be forced to set up fee rules in case a person has to apply for the disability tax credit.

Lessons learned from the research topic

The government is aware of the 1.1 million disabled people in Ottawa, and that is why it concentrates more in that community when it comes to the offering the personal-finance help to affected families. Also, another lesson is that disability does not mean that the country is weak or has a poor economy but it shows hoe the government invests more towards making the life of the disabled people easier and not to feel neglected in the society. Also it is much apparent that with the help of disabled people the government tries to avoid bad debt that they may spend towards the disabled people therefore having set aside the projects that help them makes it more of diplomat responsibility by getting some international help on the same.

https://business.financialpost.com/personal-finance/taxes/how-disabled-canadians-can-take-advantage-of-all-the-free-money-ottawa-offers-them

https://resources.saylor.org/wwwresources/archived/site/textbooks/Personal%20Finance.pdf