Blog posts tagged in 2017
As promised, here are 3 more options you might want to consider for your RRSP: Your RRSP may now be an amended plan: If your RRSP was changed in 2017 and it no longer satisfies the rules under which it was registered, it is no longer considered an RRSP but an amended plan or fund. As such, the CRA will consider you to have received in 2017 an amount that equals the fair market value of all the property the plan held at the time it ceased being an RRSP. You may have other income and deductions from an RRSP: You...
The Department of Finance has published details of its simplified measures to address income sprinkling. These proposed measures will take effect in 2018 and subsequent tax years.
The simplified measures will clarify the process of determining whether a family member is significantly involved in a business, and is therefore excluded from potentially being taxed at the highest marginal rate.
The proposed measures include tests to automatically exclude individual members of a business owner’s family who fall into any of the following categories:
• The business owner’s spouse, provided that the owner meaningfully contributed to the business and is aged 65 or...
In another twist in the ongoing disability tax credit scenario, Diabetes research and advocacy groups claim to have obtained an internal CRA memo essentially ordering CRA agents to deny the Disability Tax Credit to diabetics.
According to the Diabetes Canada and Juvenile Diabetes Research Foundation, they obtained an internal CRA memo dated May 2, 2017 that says, “Unless there are exceptional circumstances, adults with diabetes can generally manage their daily insulin therapy without taking 14 hours per week.”
With this statement, Diabetes Canada says CRA will most likely deny the disability tax credit to most adults with Type 1 diabetes even...
On our blog, Reported Clawbacks on the Disability Tax Credit, we talked about reports that some sufferers of mental health disabilities have been denied access to the disability tax credit by the CRA after having received the tax credit for years.
In an apparent response to these reports, the CRA has announced that they are reinstating the Disability Advisory Committee. The Committee was originally formed in 20014 and disbanded in 2006.
The reinstatement of the Disability Advisory Committee is one of the steps taken to enhance the accessibility of the CRA’s services to persons with disabilities. The Committee’s core...