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 »

Residential Rental Property Owners: New RL-Slip Required

RL-31 slip: Information About a Leased Dwelling As of the 2015 taxation year, any person or partnership that owns a residential complex with one or more leased dwellings must file an RL-31 slip with us and issue an RL-31.CS slip to every individual who is a tenant or subtenant of a leased dwelling on December 31, 2015. Purpose of the RL-31 …

Read More »

2016 Indexation adjustment for personal income tax and benefit amounts

Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non‑refundable credits, and most other amounts will take effect on January 1, 2016. However, increases to the goods and services tax credit will take effect on July 1, …

Read More »