The Canada Child Benefit Increase and Audit Risk
Families receiving the Canada Child Benefit (CCB) may have noticed an increase in their recent payments. Indexing takes place each July 1. Beginning in July of 2026, the CCB will provide families up to $8,157 per child under the age of 6 and up to $6,883 per child aged 6 to 17. There is audit risk that comes with that, however.Add Big Value: Revisit Eligibility for the Disability Tax
In case you missed it during a busy tax season, the Disability Tax Credit (DTC) was enhanced in the April 19, 2021 budget and now, after the tax filing deadlines have come and gone, it’s important to revisit with your clients whether someone in the family qualifies for the new and improved DTC in 2021.
Cameco: Transfer Pricing, Oral Interviews & The Duke
Watch what you say when it comes to transfer pricing, oral interviews with auditors, and related tax planning. These distinct topics came face to face in the dramatic court saga, which was Cameco Corporation and Her Majesty the Queen (“Cameco”).
Payroll Changes Effective July 2021
Semi-annual payroll changes are implemented when announcements are made after January 1 that affect payroll deductions for income tax and statutory deductions. This year, no federal tax changes have been announced that affect payroll and only one province has announced a change that will affect provincial tax calculations.
Tax Season is Finally Over…Well Except for a Few Things
Congratulations tax pros! You got through the June 15 tax filing deadline for proprietorships but there are a few more important deadlines to note, one for tomorrow June 17.
Accepting New Advisor Award Nominations
Now seeking nominations for the New Advisor Award – application deadline September 1, 2021 The DAC Young Advisor Award recognizes the next generation and their contributions to excellence in the field.
Homebuyers Math: News Stress Tests and Incentives
As of June 1, eligibility for a new mortgage (or renewals with a new lender) will depend on a new stress test, and specifically, whether buyers can pay their mortgage if interest rates go up to 5.25%. This will be trying for all buyers, not just first-time buyers. However, if first-time buyers can’t meet the test, the First-Time Home Buyer Incentive may come to the rescue. Tax and financial advisors need to know the details to advise on the pros and cons and do the “homebuyer’s math” to make sound recommendations.
