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 ...
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WEBSep 20, 2024 · Fixed-Income Opportunities in a Lower-Rate Environment. Investors have a chance to lock in rates that are higher than T-bill spreads. Featuring Jeff Mayberry | August 27, 2024. From. Webinar. All webinars →. News and …
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 ...
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 ...
Inflation to trigger another rise in TFSA limit | Advisor.ca
WEBOct 17, 2023 · The annual TFSA dollar limit is fixed at a base amount of $5,000, indexed to inflation for each year after 2009, and rounded to the nearest $500. According to Provost, the underlying TFSA dollar limit by indexation for 2024 is $6,858.85. That underlying limit is then rounded to the closest $500 increment, or $7,000.
Cross-border gift tax issues for Canadians | Advisor.ca
WEBFeb 8, 2019 · Because Canadians gifting U.S. property can access the annual exclusions of US$15,000 and US$155,000 but not the lifetime exemption for gift tax purposes, Canadians who make gifts of U.S. property above these thresholds must file a U.S. gift tax return and pay any gift tax owing. This exposure leads to two cross-border tax traps for snowbirds ...
Capital gains and losses at death: the spousal advantage
WEBJan 2, 2019 · When it comes to capital property, being survived by a spouse can provide tax planning flexibility. Much of this planning centers around capital gains. However, some interesting planning with capital losses can also provide benefits on the final tax return. The basics and the election. At death, there is a deemed disposition of our capital ...
Understanding OAS and GIS clawbacks | Advisor.ca
WEBMar 4, 2015 · The Guaranteed Income Supplement (GIS) is administered alongside the OAS program, and is subject to recovery, but at a 50% rate. Full clawback of GIS (which is directed at alleviating poverty) occurs at a fairly low income level. For example, a single senior will receive no GIS if taxable income (not including OAS) is …
Transferring a 401(k) or IRA to Canada | Advisor.ca
WEBNov 26, 2020 · The short answer is no. Both the federal Income Tax Act (ITA) and the Canada-U.S. tax treaty provide for continued tax deferral of U.S.-based retirement plans for planholders living in Canada, just the same as if the planholder were living in the U.S. Canadians who own Roth IRAs — the U.S. equivalent of a TFSA — must file a one-time ...
How to unlock a life income fund | Advisor.ca
WEBJun 11, 2020 · LIF periodic payment unlocking. All provinces require a minimum payment from a LIF annually, calculated in the same way as the minimum withdrawals from RRIFs. The maximum payment varies by jurisdiction and is a percentage of the value of the account on Jan. 1. Usually, amounts withdrawn from a LIF above the minimum can be received in cash or ...
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