For 2014 and subsequent years, the budget proposes a new non-refundable tax credit, based on an amount of $3,000, for certain search and rescue volunteers. The SRVTC will be calculated by multiplying the lowest personal income tax rate for the… {Read more}
Category: Tax Alerts
Whats new for this tax-filing season – Family tax cut
Under Canada’s tax system, federal personal income tax rates increase with the level of taxable income of the individual. As a result, a couple in which one individual has a higher taxable income than the other often pays more federal… {Read more}
Whats new for this tax-filing season – Emergency services volunteers
In 2013, you may have received a payment from a government, a municipality, or another public authority for your work as a volunteer ambulance technician, a firefighter, or a search, rescue, or another type of emergency worker. If so, the T4… {Read more}
Whats new for this tax-filing season – Adoption expenses
The maximum amount of eligible expenses for each child has been increased to $15,000
Whats new for this tax-filing season – Investment tax credit
Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 2015.
Whats new for this tax-filing season – Mobile application
In February 2015, the CRA will be launching a mobile app for individual taxpayers. Stay tuned for more information.
Whats new for this tax-filing season – Online mail
When you register for online mail, you’ll have instant access to your tax records anytime, anywhere. Choose to receive an email notification that your notice of assessment or reassessment is available online. Provide us with an email address on your… {Read more}
Deadline for 2004 taxpayer relief
Taxpayer relief deadline is December 31, 2014 for requests related to 2004 November 27, 2014 Ottawa, Ontario Canada Revenue Agency The Canada Revenue Agency (CRA) reminds taxpayers and registrants (for both GST/HST and non-GST/HST purposes) that they have… {Read more}
First time charitable donation super credit
Harper Government celebrates National Philanthropy Day by highlighting tax breaks for charitable donations November 14, 2014 – Vancouver, British Columbia – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today celebrated National Philanthropy… {Read more}
Gifting tax shelter scheme
Warning: be cautious if you are thinking of participating in a gifting tax shelter scheme 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…. {Read more}