Home > RFT Tax Blog

RFT Tax Blog

The New Child Assistance Payment – Family Allowance

This is a simple Family Allowance calculator for Quebec residents with kids under 18 years of age. The information used to program this calculator is based on the publication from Quebec Finance Department on December 3, 2018. Previous year’s family income is calculated as the total of the amount on Line 275 of your Quebec tax return (and that of …

Read More »

What Is A Jeopardy Order (or Collection Order)?

You might have read that Mr. Conrad Black (yes, you’re right. That’s him.) was fighting two liens that have been placed on his Toronto mansion as Canada Revenue Agency (CRA) claimed that he owed the federal agency more than $15 million in unpaid taxes. How come CRA has put two liens on the property of Mr. Black? That has to …

Read More »

The Good, The Bad, and The Ugly of the Middle Class Tax Cut

Some background information During the 2015 elections, the now-governing federal Liberal Party announced in their campaign that they would implement what they called the Middle Class Tax Cut, which they promoted as being fairer to Canadians as opposed to the Family Tax Cut of the now-gone Conservative government. Family Tax Cut vs. Middle Class Tax Cut It seems rather clear …

Read More »

Will You Have Saved Enough For Your Retirement?

“Totally Inadequate Retirement Savings” Broadbent Institute, an Ottawa-based think tank, issued a report recently claiming that the great majority of members of the 55 to 64 age group without an employer pension plan have “totally inadequate retirement savings” and that 11.1% of Canadians aged 65 and over lived in poverty in 2013. The author suggests increasing the GIS, or Guaranteed …

Read More »

What Is “Debt To Disposable Income Ratio”?

You might have already noticed that the debt-to-income ratio, as reported quarterly by Statistics Canada, has been on the rise since a while ago, and it has reached a new record of 163.7% in the third quarter of 2015. (The following italicized paragraphs are all excerpts from The Daily released on Monday, December 14, 2015 by Statistics Canada: Leverage, as …

Read More »