Personal income tax returns for 2012 are due Tuesday, April 30, 2013. If you or your spouse carried on a business in 2012, your return has to be filed on or before June 15, 2013. As this is a Saturday,… {Read more}
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2013 Donation Tax Credit Rates
First $200 Amount over $200 Tax Credit for donation of $1,000 Combined Fed/Prov Tax Credit for donation of $1,000 Empl income required to completely utilize tax credit Combined Fed/Prov Tax Credit for donation of $1,000 Empl income required to completely… {Read more}
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Statement from the CRA
The following statement was released by the CRA related to recent media coverage of a list of Canadians with assets offshore. The CRA is consulting other jurisdictions and is working to obtain the information referred to in the media today…. {Read more}
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First-time Donor’s Super Tax Credit (FDSC)
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}
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Safety Deposit Box Fees
If you use a safety deposit box for safekeeping of your investments, you can claim the cost as a “carrying charge” on line 221 of your tax return, if the cost has been incurred in order to earn income from… {Read more}
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Small Business Dividend Tax Credit
Non-eligible, or ordinary, dividends are any dividends issued by a Canadian corporation, public or private, which are not eligible for the enhanced dividend tax credit. The non-eligible dividend tax credit rate is used for dividends received from Canadian-controlled private corporations… {Read more}
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Family Caregiver Amount (FCA) Tax Credit
The 2011 Budget introduced a Family Caregiver Tax Credit, beginning in 2012. The legislation is included in Bill C-13, which received Royal Assent (became law) on December 15, 2011. Yukon is also providing the Family Caregiver Tax Credit. This is… {Read more}
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Claiming Automobile Expenses
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and… {Read more}
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Worthless Shares or Debt
You may have an investment in some shares or debt which has become worthless, but you can’t sell them because the security is no longer listed on a stock market. There is a section of the Income Tax Act that… {Read more}
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Caring for Dependants?
Did you know? The new family caregiver credit (FCA) helps Canadians with the costs of caring for a dependent with a mental or physical impairment. Important facts Introduced in the 2011 federal budget, the FCA is a 15% non-refundable tax… {Read more}