The federal budget provided $60-million over five years for financial charity Prosper Canada
This is Globe Advisor ’s weekly newsletter for professional financial advisors, published every Friday. If someone has forwarded this newsletter to you via e-mail, or you’re reading this on the web, you canProviding professional financial advice for low-income people can greatly improve their financial well-being. In last week’s federal budget, the government announced a $60-million investment over the next five years for Prosper Canada to help this cause.
We’ve helped more than a million low- and modest-income Canadians increase their incomes by more than $1.26-billion by connecting them to income benefits and tax credits they were not receiving. It’s a big issue. One in five people with low incomes don’t file their taxes and, consequently, miss out on thousands of dollars of income every year.
Every spring, thousands of Canadian snowbirds return home from warm, sunny places in the U.S., where they’ve spent the winter months. However, many aren’t aware of the tax repercussions that may come with living abroad for part of the year. “Whenever someone spends a significant amount of time in the U.S., there’s a risk they can become subject to U.S. taxes,” says Noreen Marchand, partner and national leader of cross-border personal tax services with Grant Thornton LLP in Toronto.
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