New: Personal Support Workers Tax Credit Coming Soon

Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories.  Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement.  Here are the details:

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According to the Bank of Canada’s Monetary Policy Report released this month, the Canadian economy is expected to grow by a lackluster 1.6% in 2013, 2.3% in 2014, and 2.6% in 2015, and to reach full production capacity around the end of 2015. 

CRA has just issued a revision to Form T1198 Statement of Qualifying Retroactive Lump-Sum Payments, which is completed by the payer of qualifying amounts.  

Residents of Canada must file tax returns to report world income in Canadian funds. That means taxpayers will need to gather documentation to report offshore earnings — and new for 2013, more specific information about income earned by offshore assets with a cost of $100,000 or more.

Retirement planning may begin for you–quite unexpectedly–with the receipt of a retiring allowance or severance package from your employer.