Income Tax News
Canada Pension Plan changes for individuals aged 60 to 70 — January 2012
December 21, 2011
Significant changes to the Canada Pension Plan (CPP) will occur in January 2012 to reflect the way Canadians are living, working, and retiring. The changes will affect both employees and self-employed workers aged 60 to 70. The changes will not affect you if you are already receiving a CPP or Quebec Pension Plan (QPP) retirement pension and you remain out of the workforce. Employees working in Quebec and other workers not subject to the CPP will also not be affected by these changes.
Governments launch initiative to help students in trades succeed in business
November 7, 2011
Our government believes in equipping the entrepreneurs of tomorrow with the tools they need to succeed. This initiative will help them be fiscally responsible, adopting good business practices as they embark on their career in the trades, said Mr. Goguen. It is important to educate students on their tax entitlements and responsibilities, as well as the pitfalls of participating in the underground economy. The initiative provides relevant information on tax credits and financial resources such as the tradespersons deduction for tools, the apprenticeship incentive grant, and the apprenticeship completion grant. The information and resource-based Web site (TradeLinks.ca) also has links to career opportunities, bookkeeping, employee rights, and employer responsibilities. Other provinces and territories may participate in this initiative in the future. This initiative is a unique gateway to government information and resources developed exclusively for trade students,said Minister Coulombe. I encourage all students to make use of this essential business tool.
New Tax Credit for Parents
July 6, 2011
Minister Shea announces new tax credit for parents Charlottetown, Prince Edward Island, July 5, 2011 … The Honourable Gail Shea, Minister of National Revenue, today visited the Confederation Centre of the Arts in Charlottetown to promote the children’s arts tax credit, a new non-refundable credit announced in the 2011 federal budget. “Parents whose children participate in paid artistic, cultural, recreational, and developmental programs will now enjoy the same benefit as parents whose children participate in paid programs of physical activity. Our Government believes whether a child is inspired by Heather Moyse, Jim Carrey, or Great Big Sea, parents should receive a tax credit to help pay for the programs that will help their children live out those dreams,” said Minister Shea. In addition to fitness programs covered by the children’s fitness tax credit, parents can now claim money spent on programs that focus on fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture, tutoring, and more. When parents claim the children’s arts tax credit—up to a maximum of $500 of the cost of programs—they save as much as $75 at tax time per child claimed. To find out if your child’s program is eligible for the children’s arts tax credit, go to www.cra.gc.ca/artscredit.
Taxpayer relief deadline is December 31, 2010
November 8, 2010
Taxpayer relief deadline is December 31, 2010 Ottawa, Ontario, November 5, 2010... The Canada Revenue Agency (CRA) reminds taxpayers and all tax registrants that they have until December 31, 2010 to file requests under the taxpayer relief provisions for the 2000 tax year and any reporting period that ended during the 2000 calendar year. The taxpayer relief provisions of the Income Tax Act limit the discretion of the Minister of National Revenue to cancel or waive penalties and interest, accept certain late-filed, amended, or revoked income tax elections; and issue income tax refunds beyond the normal three-year period (for individuals and testamentary trusts only). This only applies to tax years that ended within the 10 calendar years immediately preceding the calendar year in which a request is made.Taxpayer relief deadline is December 31, 2010
Canada Revenue Agency announces maximum pensionable earnings for 2011
November 4, 2010
Canada Revenue Agency announces maximum pensionable earnings for 2011
Income Splitting
November 4, 2010
Do you qualify to split your pension income?
When it comes to your Taxes clean slate means Clear concience
May 6, 2010
Ottawa, Ontario, May 6, 2010. . . Did you fail to file an accurate tax return or not file at all, but should have? Take advantage of the Canada Revenue Agency’s (CRA) Voluntary Disclosures Program and correct your tax information. By coming forward you may avoid being penalized, criminally investigated, and prosecuted.
Go to them before they come to you
March 3, 2010
Come to us, before we go to you The Canada Revenue Agency (CRA) wants to make you aware of the Voluntary Disclosures Program (VDP) as we move forward to aggressively address non-compliance internationally and domestically. Here are some examples of what the CRA did to address non-compliance in the 2008–2009 tax year
Keep your Tax Information Safe
March 3, 2010
The CRA regularly issues warnings and tax alerts to advise taxpayers of fraudulent schemes and provides information to help Canadians keep their tax information secure and up to date. This information and advice is offered on the CRA Web site at www.cra.gc.ca for the easy reference of taxpayers. It includes advice on how Canadians can protect themselves from fraud by
First Time Home Buyers Tax Credit
February 11, 2010
The First-time Home Buyers tax Credit (HBTC) is a non-refundable tax credit for certain homebuyers who acquire a wqualifying home after January 27,2009, that is- closing after this date
Tax Relief and Benefits for persons with disabilities
February 11, 2010
If you are a person with disability you may be able to claim credits and receive benefits and deductions For example : Non-refundable tax credit Disability Benefit to a maximum amount of $204.00 monthly. GST Credit Medical Expenses. etc.......
Maximum Pensionable Earnings for 2010
January 5, 2010
Contributors who earn more than $47,200 in 2010 are not required or permitted to make additional contributions to the CPP.Maximum Pensionalbe earnings for 2010 The maximum employer and employee contribution to the plan for 2010 will be $2,163.15, and the maximum selfemployed contribution will be $4,326.30. The maximums in 2009 were $2,118.60 and $4,237.20.
Deduction on Computer purchase
December 16, 2009
100% deduction on Computer purchases. Budget 2009 proposes a temporary 100 -per- cent cca rate for elegible computers and software acquired after January 27,2009 and before 2011
Income Tax and Benefit amounts
December 16, 2009
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada.
Home Renovation Tax Credit
December 16, 2009
Home Renovation Tax Credit (HRTC) The HRTC will provide meaningful tax relief to help Canadian homeowners make improvements to their property while promoting economic activity. The credit will apply only to the 2009 taxation year. Expenditures for work performed, or goods acquired, after January 27,2009 and before February 1,2010, will be elegible for the credit.
Pay on line and save time
December 15, 2009
The CRA’s new My Payment service can help both businesses and individuals simplify the process of making a payment to the CRA. Now you can click your way to instantaneous payments—no more accounting for outstanding cheques. This is an instant and immediate payment!