The Gateway:  Maximizing the Impact of the Disability Tax Credit

In addition to reducing income tax through a non-refundable credit, the Disability Tax Credit (DTC) serves as a gateway to a wide range of additional tax benefits and government programs. Eligibility for the DTC can unlock enhanced credits, financial supplements, and long-term savings opportunities that go well beyond the tax return. Understanding how the DTC connects to these broader supports is essential for maximizing financial stability—both for individuals living with disabilities and the family members who support them.  Unfortunately, many taxpayers miss this credit and their tax and financial advisors can certainly help when this happens.

The tax filing deadline for proprietors is midnight June 15; this is also a great time to discuss transitions for growth with owner-managers: incorporation or transition to the next business owner.

Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC  Nov 6 -9.

"When you reach the end of your rope, tie a knot in it and hang on." Franklin D. Roosevelt

Did you know that beginning with the 2015 tax year, the minimum required taxable withdrawal from a Registered Retirement Income Fund (RRIF) was reduced? Did you claim the amount correctly on your 2015 tax return as a result?

Taxes are going up on the East Coast, even for low earners, while small businesses pay more in a retroactive tax hike.  Meanwhile small business owners get a tax break in Alberta, despite the red ink there.  In short, Alberta and Newfoundland and Labrador took two very different approaches to dealing with loss of tax revenues from oil and gas last week.

CRA has revised Form TD1 2016 Personal Tax Credits Return so that those who live in prescribed and intermediate northern zones can reduce their tax withholdings accordingly and get more of their hard earned money back throughout the year.