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.Spellbinding Gratitude: Leonard Cohen, RIP
Take a moment to witness the inhaling of the fragrance of wood, the passionate dimensions of gratitude and the history of finding one’s voice . . . in Leonard Cohen’s own words. So much to learn from a grand poet: https://youtu.be/VIR5ps8usuo. R.I.P., Leonard.
Life Purpose
"Life's like a movie, write your own ending. Keep believing, keep pretending." Jim Henson
Eight Short Snappers: Quick Year-End Tax Planning Tips
There is still plenty of time to look for year-end planning strategies to reduce taxes in 2016 and start 2017 out on a tax-efficient foot. Tax and financial advisors who make time for a planning discussion with families at this time of year may wish to use this checklist of money savers:
CPP Premiums for 2017 Top $5,000
The CRA has announced the maximum CPP pensionable earnings for 2017: $55,300, up from $54,900 in 2016. The employer-employee contribution to the plan is now $5128.20 when maximum contributory earnings are reached.
CRA Serious About Cracking Down on Tax Evasion and Avoidance
The Canada Revenue Agency (CRA) is taking its fight against non-compliance by offshore tax evaders to a new level, as 85 Canadians are investigated and 60 tax audits have been initiated, as reported by news media this week. This is the result of searching millions of files and identifying 2600 Canadians with a link to the abuse.
Review RESP Details Before Year End
Year end education planning requires a close look at the Registered Education Saving Plan (RESP) as an option for families saving for their children’s education. The RESP features a generous Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) which really sweetens the savings pot thanks to the federal government.
