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What's New 2014

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What's New by Month

December 2014

RRSP Contribution Deadline for 2014

March 2, 2015 is the deadline for RRSP contributions for the 2014 tax year, because March 1st falls on a Sunday.

Writing Your Will

Plan ahead by making a will and ensuring your wishes are known.  Make sure that your will complies with current provincial legislation.

GST/HST on Meals and Entertainment

The 50% of GST or HST that is not recoverable as an input tax credit re meals and entertainment expense is also not deductible for tax purposes.

Last Trading Date for 2014

The last trading date for 2014 for Canadian publicly traded stocks is December 24th, and for US publicly traded stocks is December 26th. The Canadian stock exchange closes early on the 24th, so don't leave things to the last minute!

Auto Deduction Limits and Expense Benefit Rates for Business

The tax-free motor vehicle allowance is increased for 2015. Other rates related to vehicles and their expenses remain unchanged for 2015.

Private Health Services Plan (PHSP)

A recent CRA document indicates that a plan for a sole shareholder-sole employee would not likely qualify as a PHSP.  However, there are circumstances under which it would qualify.

Federal Budget

Economic Action Plan 2014 Act, No. 2 received Royal Assent December 16th.  It includes the Small Business Job Credit, changes for farming and fishing businesses, doubling of the Children's Fitness Tax Credit, and many more provisions.

TD1 Forms for Employees and Pensioners

The TD1 forms for 2015 are now available from Canada Revenue Agency.  If there have been changes which will affect your tax exemptions (see our article), you should ensure that you complete these forms so that your employer (or other payer) will deduct the appropriate amount of income tax from your employment income or pension income.  New employees should always complete these forms.  For those working only part time, if your total income for the year will not exceed your exemptions, you should tick the appropriate box on the back of the form, so that your employer will not deduct any income tax from your pay cheques.

Books and Records Retention

Make sure you're aware of how long you must retain source documents for your individual tax return, and source documents and other information for your business.

Donation Deadline 2014

A donation must be received by the charity on or before December 31, 2014 in order for them to issue a charitable donation tax receipt for the 2014 taxation year.

TFSA Withdrawals

If you're considering making a TFSA withdrawal, do it by December 31st so that your contribution room increases by that amount January 1, 2015.

Capital Cost Allowance and Year End

If you're planning to buy an asset in the near future, consider buying it before year end, so you get the full CCA write-off sooner, for assets that are subject to the half-year rule.

Payroll Remittances

Some remittance thresholds have changed for 2015 payrolls.  Make sure you pay your remittances on time to avoid high penalties!

Qualified Farm Property and Lifetime Capital Gains Exemption

The gross revenue requirement does not apply to qualified farm property used by a partnership or family farm corporation.  Otteson is an interesting and educational Tax Court case on this topic.

What to do When Someone Dies

There are many tasks that have to be performed when someone dies, but there are lots of resources online to help.

November 2014

Quebec 2015 Tax Credits and Deductions

The table of tax credits and deductions has been updated to include 2015 amounts.

Taxpayer Relief Deadline Dec 31st

The deadline for taxpayer relief requests related to 2004 is December 31, 2014. This applies to income tax and GST/HST issues such as waiver of penalties and interest, acceptance of late-filed, amended or revoked income tax elections, and more.

Tax-Free Savings Accounts (TFSA)

The contribution limit for TFSAs for 2015 is again $5,500.  At the current rate of inflation, it will increase to $6,000 in 2018. 

Gifts to Employees - Taxable?

With the Christmas season coming up, know the rules about gifts to employees and when they are taxable.

Meals and Entertainment

Sometimes, 100% of meals and entertainment expenses can be deducted by a business. A Christmas party to which all employees are invited would qualify.

Family Tax Cut (FTC) - Income Splitting for Couples with Children

Eligible couples with children under age 18 can "notionally" split income, resulting in a tax reduction of up to $2,000.  The FTC is calculated in our detailed Canadian Tax and RRSP Savings Calculators.  Find out if you're eligible.

Last Trading Date for 2014

The last trading date for 2014 for Canadian publicly traded stocks is December 24th, and for US publicly traded stocks is December 26th. The Canadian stock exchange closes early on the 24th, so don't leave things to the last minute!

Investment Income Tax Calculator 2015

The Investment Income Tax and Quebec Investment Income Tax Calculators now include 2015. These are simple to use calculators that show how Canadian dividends are much more tax efficient than interest or other income, even if the dividends increase the OAS clawback.

2014 and 2015 Canadian Income Tax and RRSP Savings Calculator

The detailed 2014 and 2015 Canadian Tax Calculator is now available, and includes the new Family Tax Cut (FTC).

Quebec 2014 and 2015 Income Tax and RRSP Savings Calculator

The detailed 2014 and 2015 Quebec Tax Calculator is now available.  QC indexation factor, thresholds and tax credits are based on our calculations and have not yet been confirmed, so there may be slight rounding differences once these factors are confirmed.  The new Family Tax Cut (FTC) is included in the calculator.

RRSP Contribution Limits

The RRSP contribution limit for 2016 will be $25,370, up from $24,930 in 2015, an increase of 1.76%.

RRIF Minimum Withdrawals - Using Age of Younger Spouse

Using the age of a younger spouse can be an advantage in calculating RRIF minimum withdrawals, but the election to do so must be made before receiving any payments from the fund.

GST or HST on Tips and Gratuities

Hosting a big group at a restaurant?  If there is a mandatory or suggested gratuity included on the bill, you will also pay GST or HST on the gratuity.

CPP Rates for 2015

The maximum pensionable earnings amount has increased by 2.1% for 2015, to $53,600 from $52,500 for 2014. The rate remains the same at 4.95%. The maximum employee and employer contributions will be $2,479.95 each.

QPP Rate for 2015

The maximum pensionable earnings amount has increased by 2.1% for 2015, to $53,600 from $52,500 for 2014. The rate increases to 5.25% from 5.175%.The maximum employee and employer contributions will be $2,630.25 each.

October 2014

Family Tax Cut

The federal government announced a new Family Tax Cut for 2014, for couples with children under 18. This will be a non-refundable tax credit to a maximum of $2,000. The UCCB will be increased for 2015 and will also be provided, in a lower amount, for children ages 6 to 17.  The Child Tax Credit will be eliminated for 2015, and the Child Care Expense Deduction limit will be increased.

Investing

Investing is a life-long pursuit that will help you achieve financial independence.  We think that the best way to start investing is through buying ETFs.

Registered Disability Savings Plans (RDSPs)

An RDSP is a savings plan to help ensure future financial security for a person eligible for the disability tax credit.  It can be set up for an adult, or for a minor child or grandchild.

2015 Personal Tax Credits

The tables of non-refundable tax credits for 2015 are now available for all provinces except Quebec.

Basic Tax Calculator 2015

Compare taxes and marginal tax rates for both types of Canadian dividends, capital gains, and other income, for all provinces and territories, for 2010 to 2015.

2015 Tax Rate Tables

The tables use our calculation of indexation factors, so may require slight rounding adjustments once CRA publishes the factors.

Employment Insurance 2015

The maximum insurable earnings for 2015 is $49,500, up from $48,600 in 2014. The rate is frozen at 2013 levels, so the employee maximum for 2015 is $930.60, up from $913.68.  The Quebec maximum for 2015 is $762.30, up from $743.58 in 2014.

Spousal RRSPs and RRIFs

Use spousal RRSPs to equalize future income; know the attribution rules re spousal RRSPs and RRIFs.

Children's Fitness Credit Doubled

The Children's Fitness Tax Credit is being increased from $500 to $1,000 for the 2014 and subsequent taxation years, and will be made refundable for the 2015 and subsequent taxation years.

Should I Borrow to Contribute to RRSPs?

See the pros and cons.  It may be better to contribute monthly through payroll transfers, and have your income tax reduced immediately.

Records Retention Time for Businesses

Capital purchase records must be kept for 6 years after tax year in which the capital asset is disposed of. Some records must be kept until 6 years after the tax year in which the business ceases.

September 2014

Annual Retirement Income Calculator

This simple table will show how long your investments will last before they are drawn down to zero, using various rates of return.

Back To School - Tax Information For Students

Now that children are back in school, even in BC, these articles which relate to students regarding income, deductions, tax credits and savings plans are worthy of a revisit!

Transfer Capital Losses to a Spouse

The superficial loss rules provide a method for capital losses to be transferred to a spouse. The spouse must hold the shares for more than 30 days for this to work, so to do this for 2014 you should act fairly soon.

Old Age Security Clawback

The OAS pension is clawed back if income exceeds a certain level. Capital gains can trigger this clawback, even if they are offset by losses carried forward.  If you have losses carried forward, you may want to consider some investment disposals in order to trigger the capital gains prior to the year you will start collecting your OAS.

Avoid Capital Gains by Donating Shares or Other Capital Property

Capital gains can be eliminated by donating capital property, such as securities, to charitable organizations which are qualified donees. This should be done by the end of November (MUCH earlier for mutual funds) to avoid the busy season and ensure the transactions are completed before year end.

Dependent Contractor

BC Supreme Court Case:  Notice required to terminate dependent contractor - Khan v. All-Can Express Ltd.

Unlocking Federal Locked-in Accounts

Financial hardship unlocking, one of the several unlocking methods available, can be done 1x per year unless maximum not withdrawn - then 2nd unlocking can be done but only within 30 days of 1st unlocking.

Small Business Job Credit

EI premiums paid by small businesses will be reduced for 2015/2016.  Employee rates remain unchanged.

Passenger Vehicle Input Tax Credits (ITCs)

For many partnerships and individuals, the ITC is based on capital cost allowance and the GST/HST rate at the end of each taxation year.

Federal Draft Legislation

On Aug 29th, the Department of Finance released draft legislative proposals to implement tax measures from the 2014 Budget, as well as some additional measures.

August 2014

Personal Services Business (PSB)

PSBs, also known as "incorporated employees", pay higher corporate income tax rates!

Employee vs Contractor

Are you an employee, or a self-employed contractor?  It's often the courts who decide!

Canadian Dividends - No Tax

We've updated our tables which show how much can be earned in Canadian eligible or non-eligible dividends without attracting income tax, when the dividends are the only income earned.

2014 Tax Comparisons Employment Income

We compare taxes paid on varying levels of employment income for all provinces/territories, for a single person, and for a family with 2 children.  Alberta and BC are the lowest tax provinces for a single person earning $50,000. For a single income family with 2 kids and $50,000 employment income, Saskatchewan is the lowest tax province.

2014 Tax Comparison Dividends vs Interest

See the taxes paid at varying levels of eligible and non-eligible dividends and interest for all provinces and territories.  The lowest-tax provinces for higher levels of eligible dividends are AB and SK.  AB is the lowest-tax province at $100,000 of non-eligible dividends.

Seniors 2014 Tax Comparison Dividends vs Interest

We compare taxes paid in each province/territory by a senior with eligible dividends vs other income (foreign dividends, interest, rent, etc) - see how the taxes are significantly lower with eligible dividends even when the OAS is clawed back.

Minimize Taxes of a Deceased Taxpayer

There are several ways to reduce the taxes payable of a deceased taxpayer, including the transfer of capital property to a spouse or spouse trust.

What Tax is Deducted from RRSP or RRIF Withdrawals?

The withholding tax rate depends on the amount withdrawn as well as other factors.  You may have to pay more tax or get a refund depending on your total taxable income when your tax return is filed.

Quebec Tax and RRSP Savings Calculator

The calculator has been updated to include the pension splitting changes from the QC 2014 budget.

Borrow to Invest Calculator

The Borrow to Invest Calculator helps you decide if borrowing to invest would be right for you. Works for all provinces and territories.

Borrowing to Invest

Borrowing to invest can help build your retirement funds, but should not be done by novice investors.

July 2014

T1135 Foreign Asset Reporting Form Revised Again

The 2013 transitional reporting method for reporting aggregate amounts by brokerage has been revised to be used for 2014 and later taxation years.

Child Care Costs

Make sure you keep the receipts for day camps and other summer activities for your children that could qualify as child care expenses.

Investment Income Tax Calculator

Use the Investment Income Tax Calculator to see the big difference in taxes payable by receiving dividends instead of interest, even if your OAS is being clawed back.  Now updated for NL 2014 budget re dividend tax credits.

Basic Canadian Income Tax Calculator

Basic Tax Calculator - See the tax results for several years and all provinces and territories, with one calculation.  Now updated for NL 2014 budget re dividend tax credits.

Canadian Income Tax Calculator

Use the detailed Canadian Tax and RRSP Savings Calculator to do your detailed 2014 tax planning.  Now updated for NL 2014 budget re dividend tax credits and low-income tax reduction thresholds.

2014 Donation Tax Credit Rates

Donation tax credit rates - federal and for each province, including the first-time donor super-credit. How much income is needed to fully utilize the tax credit for your donation? Our tax calculators will let you know if your donations are not fully utilized.

2014 Corporate Income Tax Rates

The table of 2014 corporate income tax rates for Canada, provinces and territories is now available, and includes tax rates on investment income.

RRSP Excess Contributions

Have you contributed too much to your RRSP?  Best to withdraw the excess as soon as possible to avoid the tax on the excess.  This can be done without having withholding tax deducted.

June 2014

US Offshore Voluntary Disclosure Program (OVDP) (on USTaxTips.net)

Major changes were announced to this program on June 18th.  If you are an eligible US citizen or dual citizen, best to make your disclosure as soon as possible.

2014 Federal Budget

Economic Action Plan 2014 Act, No. 1 receives Royal Assent June 19, 2014

Pension Income Tax Credit

What pension income qualifies? How can pension income be created? Pension splitting.

Qualified Investments

What investments can be held in an RRSP, RRIF, RESP or TFSA?

TFSA vs RRSP Calculator - Ontario Tax Rates

Which is better for you - RRSPs vs TFSAs.  Includes proposed 2014 Ontario tax rates, allows option to choose when you start collecting OAS.

Basic Canadian Tax Calculator - Ontario Tax Rates

Compare taxes among all provinces and many years at a glance.  Includes proposed 2014 Ontario tax rates.

Canadian Tax Calculator - Ontario Tax Rates

Do your 2014 tax planning in detail.  Includes proposed 2014 Ontario tax rates.

Investment Income Tax Calculator - Ontario Tax Rates

See the tax efficiency of Canadian dividends, even when OAS is being clawed back! Includes proposed 2014 Ontario tax rates.

Employee Tools Deduction Calculator

Calculate the tradesperson's tools deduction and apprentice mechanic's tools deduction for 2014 and earlier years.

Election to Stop Paying CPP Contributions

An employee can complete the election to stop paying CPP contributions on the date that they turn 65.  This election applies to both employment and self-employment earnings.  If the person only has self-employment earnings the form is not needed - the election is done later, on the tax return for that year. Both employed and self-employed? May be able to back-date election for self-employed earnings (to date of 65th birthday).

Quebec 2014 Budget

The new QC budget eliminates pension splitting for those under 65.  Tax credit for experienced workers is enhanced, and new tax credit for some activities for seniors age 70+.  Lower tax rate for manufacturing SMEs. Tobacco tax increases. Alcohol tax changes.

Anti-Spam Legislation

Canada's new Anti-Spam legislation takes effect July 1st. If you use email in your business, you should familiarize yourself with the requirements. The new fightspam.gc.ca website will allow you to report any spam received, after July 1, 2014.

May 2014

Unlocking Pension Funds

You may be allowed to unlock all or a portion of a locked-in pension plan under certain circumstances.

Notice of Objection

Don't agree with your income tax assessment?  How to file a notice of objection.

Late Filing Penalties and Interest

How to file a late tax return, what is your exposure to interest and penalties?

Can I Deduct Interest Expense on Money Borrowed to Purchase Real Estate?

If you have borrowed funds to purchase real estate from which you will be earning income, the interest expense is deductible, but with restrictions if the real estate is vacant land.

Don't Pay Unnecessary EI Premiums or CPP Contributions

Not all earnings are insurable or pensionable. How to get a refund - employer or employee.

Schedule 88 Internet Business Activities

Does your business have an internet presence?  If you filed your 2013 tax return prior to April 4, 2014, then you can wait until next year to start filing this form.

Changing Your Tax Return

Discovered a missed tax slip?  Missed expenses?  It's  not difficult to change your tax return.

Should You Borrow for RRSPs?

The RRSP deadline is over, but it's a good time to get started on this year's contributions!

Ontario 2014 Budget

This budget is subject to legislative approval, so may not become a reality, depending on the now-scheduled June 12th election.

Ontario 2014 Marginal Tax Rate Table with Proposed Tax Rates

We had already published changes to the Ontario 2014 tax rates based on the November 2013 Economic Outlook.  However, legislation has not yet been introduced for these changes, which may not become a reality, depending on the June 12th election.  Thus, we now have a new table with the proposed changes included.

Ontario 2014 Marginal Tax Rate Table Prior to Changes

We have revised the regular Ontario tax rates table to show what the marginal tax rates would be with no legislative changes.

April 2014

Corporations - Schedule 88 Internet Business Activities

This form is new for the 2013 tax year, and will probably have to be filed by most corporations.

ETFs - Reinvested Distributions, Calculating ACB

Without doing some checking, you may not realize that you're paying tax on reinvested distributions. Your adjusted cost base should be reduced by these amounts.

Tax Return Filing & Payment Due Date

Canada Revenue Agency has finally confirmed in print in a news release that the payment due date has been extended to May 5, 2014.  Previous announcements were ambiguous.

BC Marginal Tax Rate Tables

The BC tax rate tables have been revised to reflect the automatic reduction of the 2014 non-eligible dividend tax credit as a result of the change in the gross-up rate.

BC Dividend Tax Credit Non-Eligible Dividends

The BC Income Tax Act is not being revised re the reduction in the gross-up rate from 25% to 18% for 2014 for non-eligible dividends, as we previously thought based on an incorrect rate on the BC website. This means the tax credit is automatically changed to 2.59% of the taxable dividend. It was 3.4% in 2013.

Tax Calculators

Our Basic Tax Calculator, Detailed Tax Calculator and Investment Income Tax Calculator now include changes in non-eligible dividend tax credit (DTC) rates for 2014 for any provinces which have announced changes, except for Newfoundland & Labrador.  The Newfoundland & Labrador 2014 Budget proposed to reduce the eligible and non-eligible DTC rates effective July 1, 2014.  These changes will be included in the calculators after the budget has been approved, which is expected to be in May.

Ontario 2014 Surtax Changes

In November 2013, the Ontario government announced proposed changes to the surtax calculation, such that the surtax will be calculated before deducting dividend tax credits.  This ensures that the dividend tax credits for high income taxpayers are not increased by the surtax.  Our income tax calculators include this change.  Draft legislation is not yet available, so further changes may be required in the future.

Tax Return Filing and Payment Due Date

The due date for filing of individual tax returns and for payment of amounts owing has been extended by CRA to May 5, 2014, due to the Heartbleed bug.  The extension of the payment due date to May 5th also applies to self-employed individuals who have until June 15th to file their returns.

Property Rental Expenses

Own a rental property or rent out a room in your home?  Many expenses can be deducted in calculating your net rental income. Rental property in another country - don't forget the T1135 Foreign Income Verification Statement.

RRSP Home Buyer's Plan (HBP)

The HBP allows you to borrow funds from your RRSP to buy or build a qualifying home.  If you made an HBP repayment to your RRSP from Jan 1, 2013 to Mar 3, 2014, make sure you record it properly on Schedule 7 of your 2013 tax return.

Nova Scotia Budget

HST rate reduction not happening, Graduate Retention Rebate eliminated, Child Tax Benefit expanded, efficiency fee to be removed from power bills.

Wills and Estate Planning

Wills and why you should have one, probate fees by province, income taxes and death, what to do when someone dies.

March 2014

Foreign Asset Reporting

When foreign investment property (eg stocks, real estate) costing more than $100,000 is owned at any time in the year, form T1135 Foreign Income Verification Statement must be filed.  The penalties for not filing are high. Don't assume this form has been filed for you by your tax preparer - make sure it has been filed.

Recommended Stocks

See our suggested portfolios, good for novice investors, for inside or outside of your RRSP, RRIF or TFSA.

Overpayments of CPP contributions or EI premiums

The method of recovery depends on whether the overpayment relates to the current year, or a prior year.

BC Personal Tax Credits

BC's personal and spousal amounts were reduced in 2013 because of the return to PST from HST, reversing the increase that was put in place when HST was implemented.

Yukon 2014 Budget

The Yukon 2014 Budget announced a reduction in the small business corporate income tax rate from 4% to 3%.

Family Caregiver Amount (FCA) Tax Credit

The FCA provides an increase of $2,040 in 2013 to certain tax credits, if the dependant is infirm by reason of mental or physical disability.

Employment Expenses - Employed Tradesperson's Tool Deduction

An employed tradesperson can claim a deduction up to $500 for tools, with an additional amount able to be claimed by apprentice mechanics.

Employment Expenses - Employed Apprentice Mechanic's Tools Deduction

An employed apprentice mechanic can claim a deduction for tools purchased for use in their work as an apprentice mechanic.

Worthless Shares or Debt

Do you have a worthless investment?  Can't sell it because it has been delisted?  There may be a way to claim the capital loss.

Interest Expense re Investments

Interest expense incurred to earn investment income can be deducted as carrying charges on your tax return.  This could include mortgage, loan, or line of credit interest, margin interest, or interest on your CSB payroll savings plan.

Tracking Cost of Mutual Funds and ETFs

It's important to track the adjusted cost base (ACB) for each Canadian mutual fund and exchange traded fund (ETF) you own, so you don't pay too much tax when you sell.  See our Mutual Fund and ETF articles to learn more.

Saskatchewan Non-Eligible Dividend Tax Credit

The SK Budget included a change to the 2014 non-eligible dividend tax credit rate, in keeping with the reduction of the gross-up rate from 25% to 18%.

BC Non-Eligible Dividend Tax Credit

We haven't found an announcement, but the BC government website indicates a change has been made to the 2014 non-eligible dividend tax credit rate, re the gross-up reduction from 25% to 18%.

Alberta Non-Eligible Dividend Tax Credit

Alberta announced in December 2013 (we missed it) that their non-eligible dividend tax credit rate would be revised re the gross-up reduction from 25% to 18%.

Newfoundland and Labrador 2014 Budget

Enhanced low-income tax reduction and low-income seniors' benefit, reduced small business corporate income tax rate, reduced dividend tax credit rates.

Federal First-Time Home Buyer's Credit and Disability Home Purchase Credit

Did you buy a new home? See if you're eligible. Also provincial tax credits for seniors' home renovations for BC and Ontario.

Children's Fitness Tax Credit

Make sure you claim eligible expenses for your children.  Some provinces have a fitness credit also.

Children's Arts Amount Tax Credit

Make sure you claim eligible expenses for your children.  Some provinces have an arts credit also.

Saskatchewan 2014 Budget - March 19, 2014

Revision to non-eligible dividend tax credit, special income tax reduction for credit unions to be maintained, some increased benefits.

Manitoba 2014 Budget

New Seniors' School Tax Rebate; several tax credits extended, new emissions tax for petroleum coke starting January 1, 2014.

Alberta 2014 Budget

Above link is to Alberta website - no new taxes or tax increases in the budget.

February 2014

Employees Ages 60 to 70?  Know the Rules for CPP Contributions

Ages 60 to 64: Must still pay CPP if still working, even if collecting retirement pension. Ages 65 to 70: Can opt out with an election.

Free in 30!

Free in 30 is a plan to help you go from having nothing to being financially independent in 30 years or less.

Transfer Shares to RRSP - Not Loss Shares!

If you have lost money on shares, don't transfer them to a registered account, because the loss will not be deductible.

How Much Money Do You Need To Retire?

The answer isn't simple, but we can provide some guidance.

RRIF Withdrawal Calculators

Use one of our RRIF Withdrawal Calculators to forecast your RRIF withdrawals and see how long your RRIF will last, even if your funds are still in an RRSP.

Caregiver Amount Tax Credit

The caregiver amount tax credit may be available to you if your parent or grandparent over 65 lives with you, even if they are not your dependant.  It may also be available if another relative lives with you who is dependent on you due to a mental or physical infirmity.

Age Amount Tax Credit

The age amount tax credit gets clawed back at $34,562 federally, and anywhere from $27,749 (MB) to $36,497 (AB) provincially.

Canadian Tax and RRSP Savings Calculators

Use one of our calculators to see how much an RRSP contribution would save you.

RRSP Contribution Deadline March 3rd

Not much time left to make your RRSP contribution - don't leave it till the last day!

2014 Sales Tax Rates

Our table of sales tax rates (GST, HST and provincial retail sales taxes) for 2014 is now available. 

Quebec 2014 Budget

There were no significant tax changes in the budget.  Some federal measures are being adopted, such as the search and rescue volunteer tax credit.

BC 2014 Budget

MSP increases 4% for 2015, reduced thresholds for home owner grant, Early Childhood Tax Benefit introduced April 1, 2015, Mining Flow-Through Share Tax Credit and SRED Tax Credit extended.

Spousal Tax Credit

The spousal amount tax credit may be available even if your spouse doesn't live with you.  A greater tax credit is available if your spouse has a mental or physical disability.

Call and Put Options Tax Treatment

Do you trade call or put options?  The timing of recording the tax effect of options sold can sometimes require an adjustment to the prior year tax return.

Provincial Budgets

Quebec will table their 2014 budget on February 20, Alberta  and Manitoba on March 6, Saskatchewan on March 19.  The BC Budget is being tabled today, February 18.

Northwest Territories 2014 Budget

NWT tabled their 2014 budget on February 6, 2014, with no tax changes announced.

Capital Cost Allowance (CCA)

The half-year rule applies to most CCA classes, but only to some items in class 12 (which has 100% CCA), including computer software.

New Brunswick 2014-15 Budget - February 4, 2014

Enhanced Small Business Investor Tax Credit, no increases to personal taxes or HST.

2014 Federal Budget - February 11, 2014

Changes to treatment of charitable donations made by will, to registered plan beneficiaries, and by the estate; Adoption tax credit increase; New volunteer search and rescue tax credit; Changes to taxation of trusts and estates; Increased payroll remittance thresholds for employers; Tax on split income changes; Consultation re changes to eligible capital property regime and more.

What to do in the Event of Death

An executor has many responsibilities.  Familiarize yourself with these before handling any estate assets.

Quebec Tuition and Examination Fees Tax Credit

The tax rate for this tax credit was reduced to 8% from 20% effective March 28, 2013.

CPP Retirement Pension Calculator

Not sure if you should start your CPP pension now or wait a few years?  Let our CPP retirement pension calculator help you.

Quebec Working Income Tax Benefit 2014

The 2014 WITB factors for QC have now been confirmed to CRA information, with some revisions done.

January 2014

Recommended Portfolios for Novice Investors

Know nothing about investing?  See our recommended portfolios for novice investors.

2014 Provincial Budgets

So far we know the dates for 2014 budgets for 2 provinces.  New Brunswick will table their budget on February 4, and BC will table theirs on February 18.

Swap Transactions

Swap transactions between RRSPs RRIFs or TFSAs and another account of the same owner will attract a 100% tax.

Tax Return Due Date

Most 2013 personal income tax returns have a due date of April 30, 2014.  Self-employed individuals have until June 15th to file their personal tax returns, but any amounts owing must still be paid by April 30th

2014 Federal Budget

The 2014 Economic Action Plan will be tabled in the House of Commons on February 11, 2014 at approximately 4 pm EST.

Filing Your Return

See our articles on filing your tax return and how this can be done, as well as articles about different types of taxable income, deductions and tax credits, and many other topics.

GST/HST on Hospital Parking

Legislative proposals and explanatory notes re proposed exemption from GST/HST for hospital parking for patients and visitors.

EFile and NetFile Start Date

Both EFile and NetFile will be available February 10, 2014 to January 16, 2015 for filing 2013 tax returns.  Most personal tax returns are due on April 30, 2014.

T4 Slips

When are T4s required, and what income is reported? Filing T4s - no need to wait for a web access code.

RRSP Contribution Not Recorded Last Year

Forgot to record your RRSP contribution made before March 2, 2013 on your tax return last year? Here's how to fix it.

RRSP vs Mortgage Calculator

Our calculator, updated with 2014 tax rates, may help you decide whether to pay down your mortgage or contribute to an RRSP.  Tip:  Unless your RRSP returns are going to be consistently higher than the rate on your mortgage, it is better to pay down your mortgage.

TFSA vs RRSP Calculator

Need help deciding whether to contribute to TFSA or RRSP? Our calculator has been updated with 2014 tax rates.

Real Estate Rentals

Do you own rental property?  Know the rules about deductions, capital gain or loss, recapture and other issues.

Working Income Tax Benefit (WITB)

The WITB factors for 2014 are now available, but Quebec factors cannot yet be confirmed.  The 2013 factors for Quebec have been revised based on new information.

In Kind Withdrawals RRSP or RRIF

Instead of withdrawing cash, you can withdraw investments from your RRSP or RRIF, by transferring them to another account.

RRIF Annual Withdrawals

Do you know all the rules about your RRIF withdrawals?

Gifting Tax Shelter Donations

If you have made a donation in 2013 under a gifting tax shelter scheme, CRA will not assess your tax return until they have audited the tax shelter, according to their January 10, 2014 announcement.

Investment Returns to Dec 31, 2013

Our table of investment returns on stocks, bonds and T-bills has been updated to include 2013.  We've also added columns for returns since 1984, to reflect the earliest data we have for the S&P/TSX index.  CPI for December is not yet available, so we've estimated using the Nov 2013 annual increase, and will update on Jan 24th.

  See also Prior Years:

What's New 2013

What's New 2012

What's New 2011

What's New 2010

What's New 2009

What's New 2008

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Revised: February 11, 2017

 

 

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