Financial Data Blog

Nov 13
0

The Disability Tax Credit

By | Disabilities, Disability Tax Credit | No Comments

Are You Missing Out??

What is it?

It is firstly a refund from the government for Canadians with a health impairment or disability. The refundable portion is based on income taxes paid and can go back up to 10 years! Secondly, it is an amount that an individual can claim as a credit to reduce their taxes in the future. In both cases, the impairment first has to be certified by an appropriate medical practitioner in order for the individual to get an approved certificate from the Canada Revenue Agency (CRA).
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Nov 08
0

Changes to Foreign Income Verification Statement – Form T1135

By | Foreign income reporting, T 1135 | No Comments

Missing deadlines can be expensive.

Form T1135 must be filed by most Canadian-resident individuals, corporations or trusts that, at any time during a year, owned specified foreign property (including most types of income-earning property held outside of Canada, other than personal property and property used in carrying on an active business) costing in total more than $100,000. Form T1135 must also be filed by partnerships that hold more than $100,000 in foreign investment property and whose non-resident members’ share of income or loss is less than 90% during the reporting period.

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