Monthly Archives: November 2014

28 11, 2014

2015 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs)

By |November 28th, 2014|Uncategorized|0 Comments

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 [...]

20 11, 2014

Warning: be cautious if you are thinking of participating in a gifting tax shelter scheme

By |November 20th, 2014|Uncategorized|0 Comments

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, [...]

10 11, 2014

Conservative tax breaks leave out ‘vast majority’ of households

By |November 10th, 2014|Uncategorized|0 Comments

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 [...]

2 11, 2014

Universal Child Care Benefit

By |November 2nd, 2014|Uncategorized|0 Comments

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 [...]

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