What the disability tax credit means for eligible Canadians and …
May 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 ...
CRA updates guidance on underused housing tax | Advisor.ca
Mar 12, 2024 · The UHT is an annual 1% tax on the ownership of vacant or underused housing in Canada, effective in 2022 and subsequent years. The CRA twice extended the deadline to file a UHT return for 2022 without incurring penalties or interest. The annual filing deadline is April 30. Under existing legislation, if a Canadian owns a property through a ...
How much should an executor be paid? | Advisor.ca
Oct 4, 2021 · In Ontario, courts allow executors to charge up to 2.5% on both the amounts received and paid out of an estate, resulting in an effective rate of 5%. In B.C., by statute, an executor is entitled to no more than 5% of an estate’s gross aggregate value. In Alberta, courts use a tiered fee guideline that adjusts with the size of the estate.
Does your employer have to provide Form T2200? | Advisor.ca
Feb 16, 2024 · Employees need the form to claim home-office expenses this tax filing season. Many Canadians will be asking their employer for a signed Form T2200: Declaration of Conditions of Employment to allow them to claim employment expenses related to working from home. However, employers have no legal requirement to provide one.
Informal trust accounts: How they do and don’t work
Jun 19, 2018 · Understand the potential benefits and pitfalls for your client. Informal trusts, or ITFs, are a tax-efficient way to provide a savings plan for a minor child and, occasionally, an adult. These accounts can be used for funding future education, protecting an inheritance or, as is often the case, tax savings for the contributing adult.
TFSA limit rises to $7,000 for 2024, officially | Advisor.ca
Nov 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 ...
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The clearance certificate: what it is, and why it matters
Feb 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 ...
Understanding the lifetime capital gains exemption
Oct 20, 2017 · The lifetime capital gains exemption has helped many people save tax since it was introduced in 1986. In short, it allows people to shelter a certain amount of capital gains income under certain conditions (see “ History of the capital gains exemption ”). This article will examine what those conditions are, and how they work.
How to unlock a life income fund | Advisor.ca
Jun 11, 2020 · Transfer to RRSP and RRIF. To RRIF only. Yes, and cash can then be withdrawn if desired. Note: The remaining provinces and territories either do not have their own pension legislation (PEI, Yukon, Northwest Territories and Nunavut) or do not offer the one-time unlocking option (B.C., Saskatchewan, Quebec, Nova Scotia and Newfoundland ...