CRA updates guidance on underused housing tax | Advisor.ca
WEBMar 12, 2024 · The UHT is an annual 1% tax on the ownership of vacant or underused housing in Canada, effective in 2022 and subsequent years. The CRA twice extended the deadline to file a UHT return for 2022 without incurring penalties or interest. The annual filing deadline is April 30. Under existing legislation, if a …
TFSA limit rises to $7,000 for 2024, officially | Advisor.ca
WEBNov 23, 2023 · 2 min read. AdobeStock / JHVEPhoto. The TFSA contribution limit for 2024 has been officially released. That limit is $7,000, up from $6,500 in 2023 and $6,000 in 2022. “This marks the first time that we have seen two consecutive years of increases on the annual TFSA limit,” said Aaron Hector, private wealth advisor with CWB Wealth in ...
What the disability tax credit means for eligible Canadians and …
WEBMay 14, 2021 · Child disability benefit (CDB) — A tax-free monthly payment for parents of a child under 18 who qualifies for the DTC and who also qualifies for the Canada child benefit. The CDB is calculated annually based on prior year adjusted family net income and begins to reduce when that income exceeds $68,708. 1 Where the child qualifies for the DTC ...
Filing the deceased’s income tax return | Advisor.ca
WEBNov 29, 2023 · The executor must file a T1 Income Tax and Benefit Return, and pay any balance owing, for the year in which the deceased died by April 30 of the following year. If the deceased died in November or December, the deadline is six months after the date of death. If the deceased or their spouse was self-employed, the deadline is June 15 of the ...
More employees will be asking companies for home office …
WEBJan 12, 2024 · Employers will be extra busy this tax-filing season providing eligible employees with completed tax forms they’ll need to deduct home office expenses on their 2023 returns. The temporary “flat rate” method, which allowed Canadians working from home due to Covid to claim up to $400 in employment expenses in …
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How to unlock a life income fund | Advisor.ca
WEBJun 11, 2020 · Transfer to RRSP and RRIF. To RRIF only. Yes, and cash can then be withdrawn if desired. Note: The remaining provinces and territories either do not have their own pension legislation (PEI, Yukon, Northwest Territories and Nunavut) or do not offer the one-time unlocking option (B.C., Saskatchewan, Quebec, Nova Scotia and Newfoundland ...
When to use a codicil (and when to rewrite the will)
WEBJan 25, 2018 · Concerned about privacy – If the testator doesn’t want anyone (particularly beneficiaries) to see the terms of the old will, then write a new one. Dealing with multiple codicils – The more codicils, the greater chance of confusion, contradiction and/or lost paperwork. James Dolan is a Vancouver-based financial writer.
Filing the T3 tax return | Advisor.ca
WEBFeb 17, 2018 · The T3 needs to be filed 90 days after the trust’s year-end. For Dec. 31 year-ends, that makes the T3 filing deadline March 31 (March 30 in leap years)—different than the more familiar April 30 deadline. As Michalak explains, not every estate needs to file a T3. For example, if the estate is wound up and all assets distributed to heirs ...
How much should an executor be paid? | Advisor.ca
WEBOct 4, 2021 · In Ontario, courts allow executors to charge up to 2.5% on both the amounts received and paid out of an estate, resulting in an effective rate of 5%. In B.C., by statute, an executor is entitled to no more than 5% of an estate’s gross aggregate value. In Alberta, courts use a tiered fee guideline that adjusts with the size of the estate.