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 ...
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 ...
Federal tax credit for multi-generational home renos now available
WEBJan 11, 2023 · The multi-generational home renovation tax credit took effect Jan. 1 for expenses related to building a secondary suite for a family member who is a senior or an adult with a disability. The credit will provide a 15% tax refund on expenses of up to $50,000 to a maximum of $7,500. The secondary suite must be for a related adult over the age of ...
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 ...
Prescribed rate set to rise to 3% in Q4 | Advisor.ca
WEBJul 20, 2022 · Based on Government of Canada three-month Treasury bill yields from July 19, that rate will rise to 3% as of Oct. 1. A prescribed-rate loan strategy involves someone in a high tax bracket loaning money for investment purposes to a spouse, common-law partner or adult child in a lower tax bracket so the investment income is taxed at that lower ...
CPP maximum pensionable earnings for 2022 announced
WEBNov 1, 2021 · The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2022 will be $64,900, up from $61,600 in 2021. Contributors who earn more than $64,900 in 2022 are not permitted to make additional contributions to the CPP. The basic exemption amount for 2022 remains at $3,500, according to a ...
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 ...