The type of income tax returns you have to file will depend on whether your business is incorporated. If you have an incorporated business, you must complete a corporate (T2) tax return for the business, and you must also complete… {Read more}
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Are you 65 or older?
Did you know? There are several benefits and credits designed for seniors. Important information for seniors Age Amount – You can claim this amount if you were 65 years of age or older on December 31, 2012, and your net… {Read more}
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Transfer or Carry-Forward of Unused Tuition, Education or Textbook Amounts
If you do not have enough income to utilize your total tuition costs, education amount or textbooks amount, you can either carry forward these amounts to future years (no limit to carry-forward period), or you can transfer the costs to… {Read more}
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CRA Personal Tax Return Processing
Canadians file more than 26 million individual income tax and benefit returns each year, and all are electronically analyzed. Based on this analysis, CRA selects certain returns for review because they are high-risk. Other returns are selected based on a… {Read more}
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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}
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Line 315 Caregiver Amount Tax Credit
Tax credit may be available if parent or grandparent (over 65) lives with you, even if they are not your dependent. If, at any time in the tax year, you (either alone or with another person) maintained a dwelling and… {Read more}
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Reporting Foreign Income & Expenses
When foreign amounts, including income, expenses, and foreign taxes paid, are reported on your Canadian personal income tax return, they must be reported in Canadian dollars. The foreign exchange rate used to convert the foreign currency transaction into Canadian dollars… {Read more}
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Income Tax Return Stats for 2012 Tax Season
The following graphs and tables provide statistics on the number of T1 tax returns processed at the Canada Revenue Agency (CRA) during the 2012 tax-filing season; the total number, amount, and average refund by cheque or by direct deposit; the… {Read more}
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Historic Investment Returns
The Canadian Consumer Price Index has been quite stable since 1992. In the 30 years from 1963 to 1992, the average annual increase (inflation rate) was 5.7%. During that time, there were 5 years where the inflation rate was over… {Read more}
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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}