What the disability tax credit means for eligible Canadians and …
WEBMay 14, 2021 — Child disability benefit (CDB) — A tax-free monthly payment for parents of a child under 18 who qualifies for the DTC and who also qualifies for the Canada child benefit. The CDB is calculated annually based on prior year adjusted family net income and begins to reduce when that income exceeds $68,708. 1 Where the child qualifies for the DTC ...
Filing the deceased’s income tax return | Advisor.ca
WEBNov 29, 2023 — The executor must file a T1 Income Tax and Benefit Return, and pay any balance owing, for the year in which the deceased died by April 30 of the following year. If the deceased died in November or December, the deadline is six months after the date of death. If the deceased or their spouse was self-employed, the deadline is June 15 of the ...
TFSA limit rises to $7,000 for 2024, officially | Advisor.ca
WEBNov 23, 2023 — 2 min read. AdobeStock / JHVEPhoto. The TFSA contribution limit for 2024 has been officially released. That limit is $7,000, up from $6,500 in 2023 and $6,000 in 2022. “This marks the first time that we have seen two consecutive years of increases on the annual TFSA limit,” said Aaron Hector, private wealth advisor with CWB Wealth in ...
How inflation affects OAS timing | Advisor.ca
WEBJan 5, 2023 — This works out to an average monthly OAS benefit for the year of approximately $660. We will assume that monthly average OAS payments will increase by 5% for 2023, and thereafter by the Bank of Canada’s 2% target inflation rate. Table 2: Karl’s average monthly OAS (2% CPI) Year. Age on Jan. 1.
The clearance certificate: what it is, and why it matters
WEBFeb 25, 2019 — Michele Allinotte, founder of Allinotte Law Office in Cornwall, Ont., says the importance of the clearance certificate can be summarized in three words: peace of mind. “In layman’s terms, it ties everything up in a nice little bow,” she says. “It can provide you some comfort that you don’t need to keep seven years of tax returns for ...
Filing the T3 tax return | Advisor.ca
WEBFeb 17, 2018 — The T3 needs to be filed 90 days after the trust’s year-end. For Dec. 31 year-ends, that makes the T3 filing deadline March 31 (March 30 in leap years)—different than the more familiar April 30 deadline. As Michalak explains, not every estate needs to file a T3. For example, if the estate is wound up and all assets distributed to heirs ...
Essential tax numbers: updated for 2024 | Advisor.ca
WEBDec 1, 2023 — Federal tax brackets. Federal bracket thresholds will be adjusted higher in 2024 by 4.7%. The 33.0% tax rate begins at taxable income of over $246,752, up from $235,675 in 2023. The 29.0% tax rate begins at taxable income of over $173,205 up from $165,430 in 2023. The 26.0% tax rate begins at taxable …
Joint property ownership: problems and pitfalls | Advisor.ca
WEBSep 19, 2011 — Loss of control and co-owner disputes. One of the biggest disadvantages of transfer to joint ownership is the loss of control of the property by the original owner – leading to a host of possible problems. In the case of a bank account, the new joint owner can drain the funds or otherwise misuse them if he or she has sole signing authority ...
What is a qualifying home under FHSA rules? | Advisor.ca
WEBApr 11, 2024 — A qualifying home is defined as a housing unit located in Canada, whether existing or being constructed. The definition includes detached and semi-detached homes; townhouses; mobile homes; condo units; and apartments in duplexes, triplexes, fourplexes and apartment units. Also included is a share in a co-op housing corporation that entitles ...
New trust reporting rules include in-trust accounts, jointly owned ...
WEBDec 13, 2023 — If your clients have set up an in-trust-for (ITF) account for their minor child or they own certain assets jointly, they could be subject to new trust reporting rules that apply for taxation years ending after Dec. 30. These new rules could require your clients to file a T3 Trust Income Tax and Information Return within 90 days of the year-end ...