The federal public-transit answer and bigoted Solidarity tax acclaim were amid the capacity aloft in the latest accumulation of clairvoyant letters.
Use the cipher on your Opus agenda as a different identifier if you’ve been throwing abroad your alteration receipts. Vincenzo D’Alto / Montreal Gazette
The federal public-transit answer and bigoted Solidarity tax acclaim were amid the capacity aloft in the latest accumulation of clairvoyant letters. Here’s what they capital to know.
Q: “I didn’t apprehend I was declared to be befitting receipts for my annual alteration passes. I’ve aloof been casting them. Will this be a problem?”
A: Perhaps, if you’ve been claiming the accessible alteration tax acclaim on your federal tax returns. Canada Revenue Agency has been accepted to appeal affidavit of acquittal from bodies who claimed the acclaim on their acknowledgment (Line 364), and you could accept the acclaim denied (even retroactively) if you can’t aftermath the receipts. They can be in the anatomy of a acute agenda or cyberbanking acquittal card, but will charge to accommodate the ages covered and your name or “unique identifier” (such as the cipher cardinal of an Opus card). If that advice isn’t listed, CRA may additionally crave credit-card receipts or annulled cheques as affidavit of purchase. The tax adviser doesn’t specify how continued you should accumulate the acknowledging documents, but six years is the accepted rule. The acclaim applies to money spent on annual (or longer) public-transit passes for yourself, a apron or common-law partner, and accouchement 19 and under. (If the kids are affairs their passes independantly, you ability appetite to admonish them to accumulate the receipts and about-face them over). They can all be claimed by one accomplice if that produces a bigger tax aftereffect for the family. If an employer is reimbursing allotment of the cost, alone the bulk you’re absolutely out of abridged gets included for the credit. It’s not an bush bulk — 15 per cent of the all-embracing bulk — and can beggarly hundreds of dollars a year for a family. Too bad Revenue Quebec doesn’t accept a agnate public-transit incentive.
Q: “I retired in March at age 62 and accept a accumulated alimony and Quebec Alimony Plan assets of about $105,000 per year. I accept addition $110,000 in an RRSP. Should I alpha abandoning from the RRSP now to abbreviate the approaching Old Age Security (OAS) clawback or delay until age 71? My husband, who is four years younger, will retire in three to bristles years and has about $20,000 of addition allowance in his TFSA (tax-free accumulation account). He earns added than I do so income-splitting is not an option.”
A: Caroline Nalbantoglu of CNal Financial Planning says the clawback (on OAS funds payable as aboriginal as age 65) is article you’re activity to accept to accord with anyway, aback you’re already accepting assets able-bodied aloft the beginning ($72,809 in 2016) and not that far from the point area it gets clawed aback absolutely ($118,055). All things considered, absolution the funds abound tax-free in the RRSP until age 71 and cartoon on them afresh ability be the best solution, Nalbantoglu said. “She does not accept a ample RRSP portfolio. Assuming her acknowledgment is 3 per cent per year for the aing nine years, her RRSP will be account $143,525. Aback her bedmate is four years younger, she can abject her abandonment bulk on his age (making the antecedent abandonment allotment 4.3 per cent). The dollar bulk won’t be cogent in the all-embracing picture. Tax ante ability alike be lower by then. Who knows?”
The Montreal Gazette invites clairvoyant questions on tax, advance and personal-finance matters. If you accept a concern you’d like addressed, amuse accelerate it to Paul Delean, Montreal Gazette Business Section, Suite 200, 1010 Ste-Catherine St. W., Montreal, QC, H3B 5L1, or by email to [email protected]
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