The accounts will have a $40,000 lifetime limit on contributions and an annual contribution limit of $8,000
Keep these 5 items in mind this season
Simplified procedures were extended for the 2021, 2022 tax years
Employees using the simplified method can now claim $500, up from $400 last year
Feds' $100 cap on fees for helping clients apply for the DTC was set to become effective Nov. 15
The First Home Savings Account would allow Canadians under 40 to save $40,000 toward a home purchase
The Liberal government's proposed Canada Disability Benefit would be modelled on the guaranteed income supplement
While the new measures are welcome, experts say there are still problems with how the disability tax credit is administered
The DTC is key to programs such as the RDSP and Child Disability Benefit
The province is also enhancing the CARE tax credit by 20% for 2021