A great link to start off 2024 with some health conciousnes
Check out Ramona Braganza she has a wealth of knowledge and experience in this area of life !
2024 (4)
More Red Tape for business to comply with because the government does not trust families with kids that apply for dental benefits.
If you do not comply you will face financial penalties.
A new box on employer-offered dental benefits has been added to the T4 and T4A slips. Employers must declare annually the dental care insurance they offer to their employees.
Learn more: https://ow.ly/4j9e50Qe5IF
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https://www.canada.ca/en/revenue-agency/services/child-family-benefits/dental-benefit.html
The interim Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year. Parents and guardians may be eligible if they pay for dental care for a child under 12 years old who does not have access to a private dental insurance plan.
Dental costs fully paid by other programs
If an eligible child's dental costs are fully paid for by another government program with no direct cost to you, those services do not qualify for this benefit. Check your child's eligibility for other programs before you apply.
Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. You can apply for a maximum of 2 payments per child.
Applications are open until June 30, 2024 for:
dental care received between July 1, 2023 and June 30, 2024
one additional payment if you meet the criteria
Benefit payments are administered by the Canada Revenue Agency (CRA).
Not to be confused with a $50,000 tax refund
Multigenerational Home Renovation Tax Credit
This Multigenerational Home Renovation Tax Credit came up in my feeds this afternoon.
Case A.
Let's say we have a retired couple who just turned 65 and older, and they moved into their daughters and son-in laws house which they plan to renovate or receently renovated to accoumadate the newly minted "Granny Suite"
Case B. You have a son or daughter of another family member who has a disbaility and they are under 65, they may be eligible for Disability Tax Credit ( DTC) , if eligible, Dad would be able to claim this credit should he do a reno to accomadte the son in their home. He also may be eligible to claim him even if the renovation is not undertaken yet and may in fact be eligible for prior yrs. We often recover taxes going back 10 yrs in such cases. Your grandson may also be eligible for a RDSP investment plan, there is excellent grants and bonds possible with this.
First step would be for dad or mom to get in touch with our office and speak with our Disability Tax Specialist to make a determination regarding DTC eligibility. For this service we currently charge a 25% recovery fee on what we get them back, if nothing, there is no charge. Hopefully we get you back 10 to 20 M. Our experts can go over those details when they talk.
Thanks
Tim
Tax Tax Tax
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Tax reflections and planning and implementation are always evolving and some of the basics stay pretty well the same.
It has been suggested by my friend Mark that I start a Tik Tok channel on T A X. , he sugested lots of XXX in the titles apparently that gets more viewers attentions. Will see, we don't want our eyes poked out.
In the meantime, let's start with this list
https://www.advisor.ca/tax/tax-news/essential-tax-numbers-updated-for-2024/
Hot Hot Hot off the internet advisors site.
Will add some more content and commentary going forward.
Tim's Tax Tips
PS, maybe we should add some Traps , lots of T's
T T T & T
