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.
With a target date of April 2016, CRA is moving closer to the elimination of cheques and manual payments and towards full electronic banking for businesses.
It seems to sneak up on us every year: the Christmas Holiday season. Regardless of how you celebrate, it is a time to reflect, count your blessings, give, and re-evaluate how you will use your precious resources of time and money in the new year.
Does the new government’s promise, expected soon, to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs? What are alternatives in your view?