Disability Tax Credit Certified Impairments: Survey Says “No”

The federal government has made its intentions clear that there will be an expansion of those who are eligible to certify an individual for the Disability Tax Credit. Our May poll results are in. 83% of our readers voted against allowing public trustees, guardians and departments supporting Indigenous Services to certify impairments for the Disability Tax Credit.

Did you know that as of May 16, 2016, like individuals, corporations can now file Form T1135 Foreign Income Verification Statement, electronically?  EFILE has otherwise been allowed for the 2014 and subsequent taxation years for individuals. CRA will also make electronic filing possible for partnerships in the future, but they haven’t released a date yet.

Knowledge Bureau and Manulife are pleased to announce that Lindsay Sawyer Fay of E. Sawyer Financial in Winnipeg, Manitoba and Darren Ryan, a financial advisor with Ryco Financial in St. John’s, Newfoundland have been selected as the 2016 winners of The DAC Young Advisors Award.

More market volatility is certain in the aftermath of Brexit and in anticipation of the outcome of the US election.   If you really want to help people reach their financial goals, and avoid “bad behavior” because of volatility in the markets, you need to have a broader and more powerful set of tools.

As a result of recent corporate tax rate changes and adjustments to the taxation of dividends, one of the key issues faced by the owner/manager of a private business is how to best manage his or her compensation to maximize the amount of after-tax income available to the family.

"Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world." Desmond Tutu

For those who become unemployed, Employment Insurance (EI) benefits may be available and they are taxable. In addition, if you are a high-income earner in the year you receive the benefit, these benefits may also be subject to repayment.