The Home Buyer’s Plan (HBP) allows you to borrow funds from your RRSP to buy or build a qualifying home, under the following conditions: you or your spouse or common-law partner have not owned a home which you occupied as… {Read more}
Category: Tax Alerts
Government Provides New Tax Relief to Caregivers
The Family Caregiver Tax Credit will provide new tax support for caregivers of infirm dependent family members. This 15-per-cent non-refundable tax credit on an amount of $2,000 will provide tax relief for caregivers of all types of infirm dependent relatives,… {Read more}
G-20 Finance Ministers Meet in Mexico
The Group of Twenty (G-20) colleagues in Mexico City this weekend to take stock of progress being made on their shared commitment to strong, sustainable and balanced global growth. This will be the first meeting of Finance Ministers and Central… {Read more}
RESP Canada Learning Bond
The Canada Learning Bond (CLB) is part of the Canadian RESP program. Actually the CLB is a grant. The big difference between this grant and the regular RESP grants is that no contribution is required. Once you qualify, you apply,… {Read more}
CRA revokes the registration as a charity
The Canada Revenue Agency (CRA) will revoke the charitable registration of Escarpment Biosphere Foundation Inc., a Toronto area charity. The notice of revocation will be published in the Canada Gazette with an effective date of February 11, 2012. On January 3,… {Read more}
2012 Automobile Deduction Limits and Expense Benefit Rates for Business
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA… {Read more}
2012 Rates and Maximums Chart
CPP/QPP – 2012 Year’s Maximum Pensionable Earnings $50,100.00 Year’s Basic Exemption (by pay period type): Annual $3,500.00 Monthly (12) $291.66 Semi-Monthly (24) $145.83 Bi-Weekly (26) $134.61 Weekly (52) $67.30 Maximum Contributory Earnings $46,600.00 Contribution Rate—Employee/Employer 4.95% Contribution Rate—Self-Employed 9.90% Maximum… {Read more}
CRA announces maximum pensionable earnings for 2012
The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2012 will be $50,100—up from $48,300 in 2011. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages… {Read more}
Guaranteed Income Supplement for Seniors
The Federal Guaranteed Income Supplement (GIS) is available to low-income seniors living in Canada, who are receiving (or are eligible to receive) the Old Age Security Pension (OAS). An application must be filed to receive this supplement – it is… {Read more}
Harper Government Highlights Tax Relief for 2012
The Harper Government today highlighted the following important tax changes taking effect in 2012: The final stage of the tax reduction plan introduced by the Harper Government in 2007 comes into force on January 1, 2012, when the federal general corporate income… {Read more}