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.

Last summer, the government announced a new temporary supplement for families with children under the age of 6 entitled to the CCB: The Canada Child Benefit Young Child Supplement. Those who have not tapped into this program and had eligible children in 2021 still have until the end of 2023 to become eligible for the CCBYCS payments. That means that they must have applied for the Canada Child Benefit and filed their 2019 and 2020 return by that deadline.

The short answer is yes, employees can write off the cost of hiring an assistant if required to perform their employment duties, as verified by their contract of employment and a signed form T2200 Declaration of Employment Conditions by the employer.  Here are the details you need to know:

Budget 2022 proposes to provide an additional $1,200 million over five years, starting in 2022-2023 to increase both the investigation and prosecution of entities committing tax evasion. The additional funding will increase CRA’s efficiency and ability to combat tax evasion, which is something it already takes very seriously according to recent examples.

Act now! Today is the deadline for early-bird tuition savings. You don’t want to miss this opportunity to join Canada's most prominent tax educators, best-selling authors and technical experts for a comprehensive budget, retirement & estate planning update on May 18, 2022.

On occasion, a business will be selected for a review of their books and records by the CRA.  This is called a payroll examination, and the goal is to ensure compliance with respect to deductions and remittances, for your payroll account.

In an anticipated move intended to help rein in inflation, the Bank of Canada announced an increase of the benchmark interest rate by half a percentage point to 1% this morning. It’s the biggest increase from the central bank in more than two decades.