Latest news with #DTC
Time of India
4 hours ago
- Business
- Time of India
Canada's new $200/month disability benefit goes live; Apply by June 30 to get paid in July
Canada's new disability benefit program begins accepting applications on June 20, 2025, offering up to $2,400 annually to eligible Canadians with disabilities who have the Disability Tax Credit. Backed by significant federal funding, the program aims to enhance financial security, with first payments scheduled for July 2025 for approved early applicants. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Canada's new disability benefit program is now accepting applications, with the first payments scheduled for July 2025. Canadians aged 18 to 64 who have already qualified for the Disability Tax Credit ( DTC ) and who filed their 2024 tax return, along with any spouse or partner, can open on Friday, June 20, 2025. Those submitted and approved by June 30 will receive their first payments in approved later will still receive their full entitlements, including back payments to June, but no program offers up to $200 per month, or $2,400 per year, with annual inflation adjustments. This amount will be reduced for higher-income and territories (except Alberta) have committed not to claw back existing disability of the federal Disability Inclusion Action Plan , the benefit aims to boost financial security for over 600,000 low-income Canadians with disabilities. It is backed by $6.1 billion over six years, with ongoing $1.4 billion annually, starting in individuals approved for the DTC will receive a letter in June with a unique code and application instructions. However, even without a letter, applicants can still apply by providing their Social Insurance Number and 2024 net incomeApplications are available online, by phone, or in person at Service Canada locations. An estimate tool is also available to help applicants calculate their expected monthly federal government is partnering with community organizations to assist applicants in navigating both the DTC and the Disability Benefit. Direct deposit is encouraged for faster Minister Patty Hajdu acknowledged that the benefit was not designed to fully sustain recipients. She said it provides increased financial autonomy and can be used flexibly alongside other income.
Economic Times
4 hours ago
- Business
- Economic Times
Canada's new $200/month disability benefit goes live; Apply by June 30 to get paid in July
Canada's new disability benefit program begins accepting applications on June 20, 2025, offering up to $2,400 annually to eligible Canadians with disabilities who have the Disability Tax Credit. Backed by significant federal funding, the program aims to enhance financial security, with first payments scheduled for July 2025 for approved early applicants. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Canada's new disability benefit program is now accepting applications, with the first payments scheduled for July 2025. Canadians aged 18 to 64 who have already qualified for the Disability Tax Credit ( DTC ) and who filed their 2024 tax return, along with any spouse or partner, can open on Friday, June 20, 2025. Those submitted and approved by June 30 will receive their first payments in approved later will still receive their full entitlements, including back payments to June, but no program offers up to $200 per month, or $2,400 per year, with annual inflation adjustments. This amount will be reduced for higher-income and territories (except Alberta) have committed not to claw back existing disability of the federal Disability Inclusion Action Plan , the benefit aims to boost financial security for over 600,000 low-income Canadians with disabilities. It is backed by $6.1 billion over six years, with ongoing $1.4 billion annually, starting in individuals approved for the DTC will receive a letter in June with a unique code and application instructions. However, even without a letter, applicants can still apply by providing their Social Insurance Number and 2024 net incomeApplications are available online, by phone, or in person at Service Canada locations. An estimate tool is also available to help applicants calculate their expected monthly federal government is partnering with community organizations to assist applicants in navigating both the DTC and the Disability Benefit. Direct deposit is encouraged for faster Minister Patty Hajdu acknowledged that the benefit was not designed to fully sustain recipients. She said it provides increased financial autonomy and can be used flexibly alongside other income.
Yahoo
a day ago
- Business
- Yahoo
Jamie Golombek lays out everything you need to know about the new Canada Disability Benefit
Applications for the new, much anticipated Canada Disability Benefit (CDB) open on June 20. The tax-free monthly CDB payments are meant to provide financial support to qualifying people with disabilities. The program is administered by Service Canada and the first month of eligibility is June, with the first payments beginning in July for applications received and approved by June 30. To qualify for the CDB, you must be between 18 and 64 years old and be approved for the disability tax credit (DTC). The DTC is a non-refundable tax credit that's intended to recognize the impact of various non-itemizable, disability-related costs. For 2025, the value of the federal credit is 14.5 per cent of $10,138, or $1,470. But add the provincial or territorial tax savings and the combined annual value can be worth up to $3,200, depending on where you live. To qualify for the DTC, you must complete the Canada Revenue Agency's Form T2201, Disability Tax Credit Certificate, upon which a medical practitioner must certify that you have a 'severe and prolonged impairment in physical or mental function.' This form can be completed online or in paper format. Once the form is completed and sent in, the Canada Revenue Agency will either approve the DTC or deny it. If your application is denied, you can appeal the CRA's decision to the Tax Court. If you're still under 18, you can apply for the CDB as early as age 17 1/2, but your application won't be processed until your 18th birthday. This means that you won't get an eligibility decision or any payments until after you turn 18. Assuming you qualify, you'll begin receiving CDB payments the month after your application is received and approved. But don't panic if you don't get approved right away. If you only find out about the CDB well after July 2025, you can get back payments for past months that you were eligible for, but only for up to 24 months from when the government gets your application (and only for months from July 2025 onwards). Individuals who have been approved for the DTC and who meet most of the eligibility criteria will likely have already received a letter this month that includes a unique application code and instructions on how to apply. To complete the application, you'll need your social insurance number and your direct deposit information, as Service Canada is encouraging all applicants to sign up for direct deposit for the 'fastest and most reliable way to get your payments.' If you didn't receive a letter from the government with an application code but you still think you're eligible for the CDB, you can still apply, but you will also need to provide your mailing address and your net income from line 23600 of your recent 2024 notice of assessment. Applications for the CDB can be submitted on the web via the application portal, by phone and in person at a Service Canada Centre as of June 20. To apply for the CDB, you and your spouse or common-law partner (if applicable) must have filed your 2024 federal income tax return(s), and you must be a Canadian resident for income tax filing purposes, among other criteria. Benefit amounts for the July 2025 to June 2026 payment period are calculated using your adjusted family net income for the 2024 tax year. The maximum amount you could receive from July 2025 to June 2026 is $2,400 ($200 per month). This amount will be adjusted upwards for inflation each year to reflect changes in the cost of living. Because the CDB is an income-tested benefit, the benefit amount you will receive will start to decrease after your 'adjusted family net income' reaches a certain threshold. This is basically equal to your combined family net income as reported on line 23600 of both you and your spouse or partner's returns. If your adjusted family net income is considerably above that threshold, your benefit amount could be zero. How exactly your income affects your benefit amount is complicated and will depend on three factors: your marital status; whether you and/or your spouse or partner have income from employment or self-employment and whether you and your spouse or are both receiving the CDB. Note that a certain amount of income from employment or self-employment is excluded when calculating your benefit amount. This is called the 'working income exemption.' If you are single, up to $10,000 of working income will be exempt, and if you're married or living common-law, up to $14,000 of combined working income will be exempt. The government has provided an estimator to find out how much money you could get from the CDB. To get an accurate estimate, start with your and your spouse's or partner's 2024 notices of assessment to input the exact numbers from various lines on the assessments. Finally, keep in mind that the DTC not only entitles you to the new CDB, but it's also the gateway credit to opening up a registered disability savings plan (RDSP). These plans are designed to help build long-term savings for individuals with disabilities. Individuals may contribute up to $200,000 on behalf of a beneficiary who qualifies for the DTC. There is no tax on earnings or growth while in the plan. In addition to the power of tax-deferred compounding, Canada Disability Savings Grants (CDSGs), with a lifetime maximum of $70,000 per beneficiary, and Canada Disability Savings Bonds (CDSBs), with a lifetime maximum of $20,000 per beneficiary, may be received up until the end of the year in which the beneficiary turns 49, depending on family income. Jamie Golombek: July brings a greater opportunity for income splitting Lack of documentation can be fatal when claiming expenses on taxes Original contributions are not taxed when disability assistance payments are ultimately made to the beneficiary, but earnings, growth and government assistance are included in the beneficiary's income. If the beneficiary has zero or minimal other income, the basic personal amount combined with the DTC may allow most or all of the funds to come out of the RDSP tax-free. Jamie Golombek, FCPA, FCA, CFP, CLU, TEP, is the managing director, Tax & Estate Planning with CIBC Private Wealth in Toronto. If you liked this story, in the FP Investor newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
All Eyes Are on Nike Ahead of Q4 Earnings
Nike Inc.'s turnaround might take a bit longer than originally thought. Needham & Co. analyst Tom Nikic is a long-term bull of nike following changes in the company's leadership and strategy. He remains confident the moves will reverse Nike's 'flagging' bottom line. But he also said in a note that challenges remain over the near-term. More from WWD Nike and A Ma Maniére Unveil 'Every Summer Tells a Story' Campaign Featuring Air Force 1 and Air Max 95 Sneakers for 'Act I: The Block' How the Smoot-Hawley Tariff Act of 1930 Compares to Today's Landscape, According to AAFA CEO Michael Jordan's Air Jordan 4 Retro 'Black Cat' Gets a Purported First Look 'Nike still faces headwinds from rationalizing over-supplied product franchises (Jordan, Dunk), brand heat still appears to be lukewarm, and they now have tariffs to contend with as well,' he wrote. He also noted that many product launches of 'scarce' sneaker models, such as retro Jordans and Dunks, are selling slowly, resulting in discounts on secondary-market websites that include StockX and GOAT. Nikic pointed out that when Nike is on top its game, these styles trade at resale premiums. 'As further evidence of Nike's lack of 'brand heat' at the moment, we've also seen consistent year-over-year declines in online search trends for the brand, as well as persistent double-digit declines in credit card transactions in the U.S. DTC (direct-to-consumer) channel,' he said. The analyst also sees gross margin headwinds in the year ahead, notably due to tariff rates, and possibly even channel mix, with wholesale possibly outgrowing DTC and the brand perhaps giving more favorable terms to wholesale partners. The good news is that Nikic believes that the 'worst may nearly be over.' The biggest catalyst change is Nike veteran Elliott Hill becoming CEO. 'We also believe that management is clear-headed about the mistakes they've made, and are working aggressively to correct them,' he concluded. Telsey Advisory Group's (TAG) Cristina Fernández said the athletic brand 'seems several quarters away from reaching stabilization in the business, but is making the right moves by cleaning up inventory, rebalancing the product portfolio by increasing newness and reducing the focus on classic franchises, and strengthening relationships with wholesale partners.' The company is set to report fourth quarter earnings next Thursday after the markets close. Key areas of focus for the earnings conference call will be what progress Nike has made on product innovation, such as what's in the pipeline and reception to new launches. Also to be discussed is the timing of the NikeSKIMS launch that was originally slated for Spring 2025, which is expected to drive sales growth, Fernández said. Another area of interest is inventory reduction in connection with old inventory and status of rightsizing key lifestyle franchises. The TAG analyst said expectations are low for the just completed fourth quarter, mostly due to ongoing inventory clearance activity, and in part to unfavorable shipment timing in North America. In addition, gross margins were expected to get impacted from tariffs, currently an additional 10 percent for the reciprocal tariffs for global countries, particularly in Vietnam and Indonesia, with the exception of China, where tariffs are temporarily higher at 30 percent. At Bank of America Securities, analyst Lorraine Hutchinson is expecting fourth quarter earnings per share of 12 cents, in-line with Wall Street's consensus expectations, versus EPS of 99 cents a year ago. 'We think 4Q was peak sales and margin pressure as Nike bought back and cleared excess inventory, without sufficient innovation to offset,' Hutchinson wrote in her note. She noted that Fall 2025 order books are modestly down due to declines in classic footwear franchises, but that meetings with CEO Hill 'reaffirmed the point the wholesale partners are excited about Spring 2026 innovation.' The analyst said that while the wholesale environment continues to evolve, 'Nike is well-positioned to offset some of the channel headwinds as the brand leans into newer relationships and looks to recapture lost shelf space as other brands retrench from the channel.' Academy Sports + Outdoors is one of the retailers where Nike is expanding its partnership. Nike's Jordan brand was rolled out to 145 stores and online in April, showcasing both apparel and footwear across men's, women's and kids. The retailer's chief merchandising officer Matt McCabe said this month that the chain for the first time cross-merchandised the apparel, footwear and accessories together by gender into a 'brands shop concept.' He also said that the initial reaction from customers 'has been strong and the brand is tracking ahead of initial sales plans.' The current plan is to launch Jordan in all Academy stores this summer. Nike has raised prices on select products by $5 to $10 on average, but also noted that the Jordan brand and Nike kids apparel and footwear won't see any increases. 'We think it was smart to leave kids and footwear priced less than $100 unchanged and think Nike will benefit from its scale and wide pricing architecture if the consumer becomes stretched,' Hutchinson said. As for its product lines, Nike will be releasing this fall a new lifestyle sneaker called the Astra Ultra exclusively for women. The brand is also bringing back its first Foamposite sneaker. The Nike Air Flightposite in a 'Sail' style is slated to hit the sales floor later this month. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Sign in to access your portfolio
Fibre2Fashion
2 days ago
- Business
- Fibre2Fashion
American retailer Vince reports $4.8 mn Q1 loss, suspends FY25 outlook
American retailer Vince Holding Corp has reported net sales of $57.9 million in the first quarter (Q1) of fiscal 2025 (FY25) ended May 3, reflecting a decline of 2.1 per cent year-on-year (YoY). The drop was primarily attributed to store closures and remodels, which weighed on the direct-to-consumer (DTC) segment, where sales fell 4.4 per cent to $27.6 million. The gross profit of the company totalled $29.2 million, representing 50.3 per cent of net sales. The gross margin contraction was driven by higher freight, duty, distribution, and wholesale mix costs. These pressures were partly offset by improved product pricing, lower input costs, and reduced promotional activity, Vince said in a press release. Vince Holding Corp has reported net sales of $57.9 million in Q1 FY25, down 2.1 per cent YoY, impacted by store closures and a 4.4 per cent drop in DTC sales. Gross profit stood at $29.2 million. The company posted a net loss of $4.8 million and adjusted EBITDA of -$3 million. Vince forecasts Q2 sales to be flat or down 3 per cent, with no full-year guidance due to tariff uncertainties. Selling, general, and administrative (SG&A) expenses rose to $33.6 million, or 58 per cent of sales. Vince posted an operating loss of $4.4 million, compared to an adjusted loss of $2 million in the same period last year. Adjusted EBITDA came in at -$3 million. The net loss for the quarter stood at $4.8 million or $0.37 per share, against an adjusted net loss of $3.3 million or $0.26 per share in Q1 FY24. The company did not recognise a tax benefit due to the anticipated non-realisation of year-to-date losses. Vince ended the quarter with 58 company-operated stores, down by four from a year ago. Segment-wise operating income declined to $8.6 million, compared to $10.1 million in the prior year period. 'I continue to be encouraged by the strong execution and commitment to excellence I see across our organisation, and while we are navigating a challenging environment marked by uncertainty, our first quarter performance was relatively in line with our expectations,' said Brendan Hoffman, chief executive officer (CEO) at Vince . 'As an organisation, we quickly pivoted all efforts in the latter portion of the quarter to develop and put into action mitigation plans in light of the evolving tariff policies. In short order we have diversified our supply chain, negotiated with vendors, and leveraged other opportunities to mitigate near-term costs. As we look ahead, we will continue these efforts along with providing customers a high-quality product offering and an engaging experience across our channels,' added Hoffman. Looking ahead to Q2 FY25, the company forecasts net sales to be flat or decline by up to 3 per cent. The operating income is projected to range from a 1 per cent loss to a 1 per cent gain of net sales, while adjusted EBITDA is expected to be between 1 and 4 per cent of sales. Given the uncertainty related to the potential impact and duration of current tariff policy, the company is not providing guidance for the full fiscal 2025, added the release. Fibre2Fashion News Desk (SG)
