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.

If you have ever wanted to be a hero, consider the gratitude that comes from helping business owners understand how to steer clear of trouble on a tax audit or making sure seniors don’t overpay their September 15 or December 15 quarterly tax instalment.

A new report entitled Haves and Have-Nots, was released by the Broadbent Institute from customized reports prepared for it by Statistics Canada from the Survey of Financial Security. 

Resolution to seven key issues are required to make the RTPP (Registration of Tax Preparer Program) a success.

What’s a qualified tax efficient retirement income planner worth? A lot, it turns out, especially to clients who want to more effectively build net worth for retirement, but also to those who are frustrated with high taxes on their pension income and the lack of freedom that comes with eroded purchasing power on their savings.  

The sweet spot in wealth management statistically lies with the 55 plus crowd, whose net worth is the highest in Canada, but they are increasingly elusive, spending summers at the lake, and winters in the south.

People can retire at any age, but it is increasingly rare for people to simply go from earning income from employment or self-employment directly to withdrawing income from investments and other sources including pensions.