Two years ago, the Canadian Government launched the Canada Child Benefit to replace both the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB). The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18.This benefit is paid over a 12-month period from July of one year to June of next year. The benefit payments are recalculated every July based on the information from you and your spouse’s tax return from previous the previous year. In last year’s Fall Economic Statement,...
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The Assured Income for the Severely Handicapped or AISH is a program of the Government of Alberta that provides financial and health benefits for eligible Albertans with a permanent medical condition that prevents them from earning a living. You are eligible to receive this benefit if:- You have a medical condition that substantially limits your ability to earn a living;- Your medical condition is likely to remain permanent;- There is no medical treatment, therapy, rehabilitation or training available that will help improve your ability to earn a living;- You are at least 18 year old and not eligible to receive an...
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As mentioned in previous blogs, having a will is one way to get started on estate planning. So what is a will? A will is a legal document that says how you want your estate to be divided once you die. Your estate will include your assets and your liabilities. Why is it important to have a will? A will is not a legally required document. But if you don’t have a will, the laws in your province or territory will determine how your estate will be divided. And as mentioned on last week’s blog, the big problem with this is...
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How do you get started with Estate Planning? First off, getting started with your estate planning involves a lot of details and can be quite difficult so ensure that you seek assistance from a trusted financial advisor. To start the process, you will need to review two things: - Your assets and liabilities – you will need to take an inventory of your assets and liabilities so you have a clear picture of what is in your estate. Remember to work with your financial advisor to know what the after-tax value of your estate may be. - Your family’s needs to...
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