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Canada Pension Plan - First Additional Pension

Posted by David Gobeil on

The First Additional Pension is an enhancement to the Base CPP pension introduced in 2019 that increases your retirement pension by up to 8.33% of your average monthly pensionable earnings. Once fully implemented in 2023, the first additional contribution rate will be 1% for the employee and the employer.  You would have to contribute to the First Additional Pension for 40 years to receive the maximum benefit. The amount of your contributory earnings for the First Additional Pension is the same amount as for the Base CPP pension. Contributions The first additional contribution rate is to increase from 0.15% to 1% over the...

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Canada Pension Plan - Enhancements

Posted by David Gobeil on

There are many things that you should understand including the eligibility requirements for CPP benefits; how contributions the CPP are calculated; the CPP retirement benefits available, including early and delayed pension options; how retirement pensions can be shared between spouses/common-law partners; how CPP pension credits can be split upon divorce or separation; the CPP survivors benefits available; and the CPP benefits available to disabled contributors and their children. As of 2019, Canada’s Ministers of Finance made 5 changes to CPP benefits: increasing the retirement pensions of parents who reduce their income to take care of their children; increasing the retirement...

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Federal Budget 2019

Posted by David Gobeil on

Federal Budget 2019  On March 19, 2019, the Minister of Finance introduced the Federal Budget for 2019. As of May 29, 2019, Bill C-97, An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2019 and other measures, has passed Second Reading in the House of Commons.   The personal income tax measures proposed in the Federal Budget include: introducing the Canada Training Credit; enhancing the Home Buyers’ Plan; changing in use rules for Multi-Unit Residential Properties; permitting additional types of annuities under Registered Plans; changing Registered Disability Savings Plan for cessation of eligibility for the Disability Tax...

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Federal Budget 2018 - Update on Legislation

Posted by David Gobeil on

Bill C-74, An Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures received Royal Assent on June 21, 2018.  Candidates for the CFP Examinations are responsible for legislation that has received Royal Assent 30 days before the examinations. The following income tax measures are of relevance for the CFP Examinations: lowering the small business tax rate and making consequential adjustments to the dividend gross-up factor and dividend tax credit; reducing the business limit for the small business deduction based on passive income; restricting access to dividend refunds on the payment of eligible...

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New Reporting Requirements for Trusts

Posted by David Gobeil on

Some taxpayers have used trusts in complex arrangements to prevent the appropriate authorities from acquiring this required information.  Even if a trust is required to file a return of income for a year, there is no requirement for the trust to report the identity of all its beneficiaries.  Given the absence of an annual reporting requirement, and the limitations with respect to the information collected when reporting is required, there are significant gaps with respect to the information that is currently collected with respect to trusts. The additional reporting requirements proposed in Budget 2018 have not yet been passed into...

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