What the disability tax credit means for eligible Canadians and …
WEBMay 14, 2021 · The DTC is a non-refundable tax credit intended to reduce income tax payable for people with a disability and/or those who support them. It consists of the disability amount (base amount) for eligible individuals of any age and the supplement for children with disabilities who are under 18 at the end of the tax year (supplemental amount).
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 ...
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 ...
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 ...
Essential tax numbers: updated for 2024 | Advisor.ca
WEBDec 1, 2023 · Federal tax brackets. Federal bracket thresholds will be adjusted higher in 2024 by 4.7%. The 33.0% tax rate begins at taxable income of over $246,752, up from $235,675 in 2023. The 29.0% tax rate begins at taxable income of over $173,205 up from $165,430 in 2023. The 26.0% tax rate begins at taxable …
New trust reporting rules include in-trust accounts, jointly owned ...
WEBDec 13, 2023 · If your clients have set up an in-trust-for (ITF) account for their minor child or they own certain assets jointly, they could be subject to new trust reporting rules that apply for taxation years ending after Dec. 30. These new rules could require your clients to file a T3 Trust Income Tax and Information Return within 90 days of the year-end ...
Fidelity launches wealth manager | Advisor.ca
WEBJun 20, 2024 · Asset management giant Fidelity Investments Canada ULC is launching Fidelity Wealth ULC, a new wealth management platform targeted at advisors thinking about retiring. Eugene Boakye, managing director of Fidelity Wealth, said the firm is aiming to be “ready and operational” later this year and to transition their first book of business ...
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Joint accounts and survivorship rights | Advisor.ca
WEBSep 1, 2010 · From these cases, it’s clear there are three possible legal meanings and outcomes following the creation of a joint account: An immediate gift of a beneficial interest with a right to control, withdraw or sever in the other joint account holder, plus a right of survivorship; A gift of a right of survivorship only, with no other rights; and.
Canada Life acquires Investment Planning Counsel | Advisor.ca
WEBApr 4, 2023 · Canada Life has acquired fellow Power Corp. subsidiary Investment Planning Counsel from IGM Financial for $575 million. While IPC’s leadership team, employees and 650 advisors will remain on their existing platforms and continue to operate independently, Canada Life said it eventually plans to build a single wealth platform for all its advisors.