Are you 65 or older? Claim your benefits and credits Did you know? There are several benefits and credits designed for seniors. Age amount – You can claim this amount if you were 65 years of age or older on… {Read more}
Tag: small business
Whats new for this tax-filing season – Childrens fitness amount
Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000.
Whats new for this tax-filing season – Search and rescue volunteer amount
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}
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 – Universal Child Care Benefit
Under proposed changes, this benefit is being increased for children under age six. Effective January 1, 2015, parents will be eligible for a benefit of $160 per month for each eligible child under the age of six – up from… {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 – Medical expenses
Amounts paid as salary for designing of personalized therapy plans for persons eligible to claim the disability tax credit and costs for service animals used to help manage severe diabetes, are now eligible as medical expenses.
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 – GST/HST credit
You no longer have to apply for the goods and services tax/harmonized sales tax (GST/HST) credit. When you file your return, the Canada Revenue Agency (CRA) will determine your eligibility and will advise those who are eligible to receive the… {Read more}