Tax On Split Income – Revised Draft Legislative Proposals

  Revised Draft Legislative Proposals released on December 13, 2017 Starting January 1, 2018, ‘simpler rules’ will exclude certain individuals from having to meet a previously announced “reasonableness test” to determine whether income received will have a special “tax on split income” (“TOSI”) What is the TOSI? A special ‘tax …

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Retirement planning for low-income family

  If you are about to retire and have a low income at 65, you will probably start to receive money, including Old Age Security (OAS), the Canada Pension Plan (CPP) and possibly the Guaranteed Income Supplement (GIS). For low income family, the GIS is a tax-free monthly benefit paid …

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New Tax Changes in 2017 (for tax year 2016)

What’s new from CRA ….   Individuals and families Canada child benefit (CCB) – As of July 2016, the CCB has replaced the Canada child tax benefit (CCTB), the national child benefit supplement (NCBS), and the universal child care benefit (UCCB). Northern residents deductions  – The basic and additional residency …

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Change to the Principal Residence Exemption

  Federal government announced change on Oct 3, 2016 to the Principal Residence Exemption. 1. The “One plus” Rule in Computing the Principal Residence Exemption is eliminated for Non-Residents This “one plus” rule previously applied to taxpayers who were non-residents for tax purposes. That means, a non-resident can still be …

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