Feds reintroduce legislation to create disability benefit

The Finance committee also proposed an amendment to DTC eligibility in the budget implementation bill The federal government has reintroduced legislation to implement a direct payment program for low-income Canadians who live with disabilities. Bill C-22, tabled on Thursday by Employment Minister Carla Qualtrough, contained no details as to the eligibility criteria, the amount provided …

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When is the best time to take CPP and OAS? | Advisor’s Edge

Advisors need to consider several aspects, such as life expectancy and whether the client will spend or invest CPP and OAS There are several factors to consider when helping a client determine when to draw their CPP and OAS benefits, a tax and estate planning expert suggests. Frank Di Pietro, assistant vice-president of tax and …

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The importance of tax due diligence when buying a business

Buying a business is rarely a straightforward decision. In order to get the most out of a potential deal, buyers need to be aware of key risks and pitfalls so they can incorporate mitigation strategies into their deal negotiations. The challenge for buyers is ensuring that no significant risks are missed when making their assessment. …

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Advisor suggests investors should take a long-term approach to cryptocurrency

As cryptoassets face severe volatility, some advisors have had to adjust their approaches, especially with client conversations. Bitcoin has declined more than 65% since the beginning of November, when the price was US$60,954.50, and declines have accelerated over the past month. On June 18, Bitcoin plummeted below US$20,000, hitting its lowest level since December 2020. …

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Fed aiming to avoid recession amid inflation fight

It’s ‘absolutely essential’ to ‘restore price stability,’ Fed chair tells lawmakers Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the Senate Banking …

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No relief for accidental RRSP overcontribution

A lack of understanding about spousal RRSP limits was no excuse While RRSP season officially ended with the March 1 deadline for eligible contributions, helping our clients understand the rules to ensure they don’t accidentally overcontribute is an ongoing challenge. Take, for example, the recent case involving a taxpayer hit with a penalty tax for …

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How the new home savings account works

CIBC’s Jamie Golombek breaks down how the new account will work The federal government proposed something “substantial” for first-time homebuyers in Thursday’s budget with the introduction of a new savings account, says Jamie Golombek, managing director of tax and estate planning with CIBC Private Wealth. Listen to the full podcast on AdvisorToGo, powered by CIBC. The …

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First Home Saving Account (FHSA)

Advisors are still relatively positive about the tax-free first home savings account, despite not being able to use it alongside the Home Buyers’ Plan The proposed tax-free first home savings account (FHSA) outlined in the federal government’s latest budget has generated mixed feelings from advisors. Ty Cooke, wealth advisor with Orlic Harding Cooke Wealth Management Group, a unit of …

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