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WEB3 days ago · Stock Picks as Monetary Policy Eases. Easing cycle will have positive impact on interest-sensitive sectors. Crystal Maloney, CFA, CPA, CMA August 19, 2024. From. Webinar. News and resources for Canada's top financial advisors.
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 ...
Employees working from home by choice can claim expenses, CRA …
WEBFeb 5, 2024 · 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.
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 ...
Understanding the lifetime capital gains exemption
WEBOct 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.
CRA sets CPP maximum pensionable earnings for 2020
WEBNov 1, 2019 · The Canada Revenue Agency announced on Friday that the maximum pensionable earnings under the Canada Pension Plan for 2020 will be $58,700, up from $57,400 in 2019. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, the CRA said in a release.
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.
When to use a codicil (and when to rewrite the will)
WEBJan 25, 2018 · Concerned about privacy – If the testator doesn’t want anyone (particularly beneficiaries) to see the terms of the old will, then write a new one. Dealing with multiple codicils – The more codicils, the greater chance of confusion, contradiction and/or lost paperwork. James Dolan is a Vancouver-based financial writer.
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