What the disability tax credit means for eligible Canadians and …
2021年5月14日 · 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
2024年3月12日 · 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
2021年10月4日 · 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.
Home | Advisor.ca
2024年11月14日 · Webinar. All webinars →. Decumulation for business owners, incorporated professionals and holdco shareholders. Thursday, November 28, 2024 at 1:00 pm ET. This virtual roundtable will discuss the pertinent planning issues and how to address them. Sponsored by. Register Now and Get CE Credits. Subscribe to our newsletters.
Informal trust accounts: How they do and don’t work
2018年6月19日 · 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.
Pros and cons of family trusts | Advisor.ca
2024年9月25日 · These include protecting and safeguarding funds for minor, disabled and spendthrift beneficiaries, the ability to use the family trust as voting shareholder for related corporations, and general planning flexibility for family members. These benefits have value that, for many families, may exceed the costs of compliance and additional taxes ...
Inflation to trigger another rise in TFSA limit | Advisor.ca
2023年10月17日 · 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.
How to unlock a life income fund | Advisor.ca
2020年6月11日 · 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 ...
Transferring a 401(k) or IRA to Canada | Advisor.ca
2020年11月26日 · 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 ...
Employees working from home by choice can claim expenses, CRA …
2024年2月5日 · The temporary “flat rate” method, which allowed Canadians working from home due to Covid to claim up to $400 in employment expenses in 2020 and up to $500 in 2021 and 2022, is not available for 2023. The simplified method didn’t require an employee to track expenses or obtain a Form T2200: Declaration of Conditions of Employment.