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.

Evelyn Jacks will kick off the Distinguished Advisor Workshops next week by helping tax and wealth advisors prepare their clients for recent budget changes and global wealth management trends that will affect planning in 2014-2015. 

John Poyser will challenge professional advisors to open their dissenting issues – with CRA, within family wealth discussions, and when preparing the transition of cottage and business assets to the next generation in a compelling program of tips and traps all tax and wealth advisors need to be aware of.

Tax audit season has begun and you need to be prepared to represent your clients with competence, confidence and a winning attitude by knowing what will be audited, what can be defended, and how to astutely position your advocacy for your client’s best after-tax position.

The Age Amount is a non-refundable tax credit found on Line 301 of Schedule 1 of the federal tax return (provincial amounts may vary).

Doug Nelson, author of Master Your Retirement, looks deeper into the questions you should ask yourself when considering each of the seven retirement plan components.

If you plan to attend school or work temporarily in the U.S., you may technically be deemed a U.S. resident for tax purposes.