The Federal 2013 Budget proposes to introduce a temporary First-time Donor’s Super Credit, which would be available to an individual if neither the individual nor the individual’s spouse or common-law partner has claimed the Charitable Donation Tax Credit (CDTC) or… {Read more}
Category: News
CRA revokes the registration of Marketplace Ministries International as a Charity
Ottawa, Ontario, March 15, 2013… The Canada Revenue Agency (CRA) will revoke the registration of Marketplace Ministries International, a Scarborough-based charity. The notice of revocation will be published in the Canada Gazette with an effective date of March 16, 2013…. {Read more}
Home Buyer’s Plan – Use your RRSP to help buy or build a home
The Home Buyer’s Plan (HBP) allows you to borrow funds from your RRSP to buy or build a qualifying home, if you or your spouse or common-law partner have not owned a home which you occupied as your principal residence… {Read more}
Registered Educational Savings Plan (RESP)
RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although there… {Read more}
Transfer of Income From Taxable Canadian Dividends to a Spouse
A taxpayer who is entitled to the spousal tax credit for his/her spouse or common-law partner may include all of the spouse’s dividends from taxable Canadian corporations in his/her income. This option is only available if doing so will allow the… {Read more}
Elimination of the Penny in Canada
Effective February 4, 2013, circulation of the penny coin by the Royal Canadian Mint ceases. This affects only cash transactions. The cent will remain Canada’s smallest unit for pricing goods and services. Non-cash or electronic payments such as cheques, credit… {Read more}
New log in features for CRA’s online services
Did you know…? As part of a Government of Canada initiative to continuously improve how it offers online services, the Canada Revenue Agency (CRA) is now offering a second login option. In addition to the CRA user ID and password,… {Read more}
ELIGIBLE DEDUCTIONS & CREDITS
If you pay the following expenses by December 31, 2012 they will be eligible for the deductions of credits: Childcare expenses Deductible support payments Charitable donations Union and professional dues Moving expenses Political donations Accounting fees Medical expenses Investment counsel… {Read more}
Financial Literacy Month Starts in Canada
Financial Literacy Month is an opportunity to raise awareness on the importance of acquiring life skills that can allow Canadians to act knowledgeably and with confidence when managing their personal financial affairs commented Minister Menzies. The Canadian Government is committed… {Read more}
Canadian Federal Debt
Not only did the population of the world reach a record 7 billion people on October 31, 2011, but the Canadian Federal Debt also reached an all-time high. Based on economic forecasts, the Federal Debt (accumulated deficit) reached $568 billion… {Read more}