TOP 20 Tax Deductions & Credits in Canada! - REDUCE YOUR TAX BILL from line 20700 of 2019 tax return Watch Video

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Training providers must be an association, sports club or company registered with the Sports Commissioner or incorporated under the Companies Act 2016 for taxpayers to enjoy the claimable relief for sports.<br/><br/>Youth and Sports Minister Hannah Yeoh said this was one of the criteria for the tax relief that could be sought from this year.<br/><br/>Read more at https://tinyurl.com/4u6vuuhp<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline
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The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
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