Important facts •Children's fitness amount - Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000. •Search and rescue volunteer amount - As a search and rescue volunteer, you may be able to claim an amount of $3,000. •Family Tax Cut - A proposed non-refundable tax credit of up [...]
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, 2015. However, increases to the Canada child tax benefit (including the [...]
Although the Canada Revenue Agency (CRA) regularly issues warnings and has reassessed thousands of participants, some taxpayers are still participating in gifting tax shelter schemes. Here’s what you need to know about such schemes: The CRA will hold the 2014 assessments of participants in tax shelter arrangements To protect the integrity of the tax system, [...]
Families with one high-income earner will see the most benefits from Harper's changes to income taxes and family support payments. Tax and benefit measures announced by Prime Minister Stephen Harper last month have been sharply criticized by opposition parties, but also by the conservative think tank, the Fraser Institute. The tax shakeup announced by Prime [...]
In 2006, the Government introduced the Universal Child Care Benefit (UCCB), which provides all families with up to $1,200 per year for each child under the age of 6. The UCCB currently provides direct federal support to approximately 1.7 million families with young children. Now, the Government is proposing to enhance the UCCB by providing up to $1,920 [...]
On July 24, 2014, the Ontario government passed into law increases to personal income tax rates for Ontario employees who earn more than $150,000 in 2014. These changes come into effect September 1st, 2014. However, the CRA will allow employers to implement the new changes on a “best-effort where practical” basis, and is not going [...]
What's new? The Canada Revenue Agency (CRA) has created a new service that allows businesses to receive some of their correspondence from the CRA online. It's fast, secure and you can view your mail online when it's convenient for you–it's a piece of cake! Why should I sign up? Managing your mail online is: Paperless—viewing [...]
Are you 60 to 70 years of age and did you return to work in 2013 after being away from the workforce? You may not know about changes to Canada Pension Plan (CPP) contributions that came into effect in January 2012. The changes affect employees and self-employed workers aged 60 to 70 (but not those [...]
The Canadian government has made it a priority to “crack down on international tax evasion and aggressive tax avoidance” and has, in doing so, proposed several changes to the Foreign Income Verification Statement (Form T1135). As a bit of a background, Form T1135 must be filed by most Canadian-resident individuals, corporations or trusts that, at any time during [...]
The new first-time donor’s super credit gives you an extra 25% non-refundable federal tax credit when you claim your charitable donation tax credit. This means that you can get a 40% credit for up to $200 in cash donations and a 54% credit for the part of the cash donations that is over $200 but [...]
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