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Individuals - Tax information newsletter

Individuals - Tax information newsletter
 
 
 
Individuals - Tax information newsletter, Issue: 2014-03March 7, 2014 
1. Become an informed donor and donate wisely!The Canada Revenue Agency (CRA) is hosting a webinar on March 12, 2014 on how to donate wisely to registered charities.If you are interested in participating to this webinar, see Charities Webinars registration.Charities Webinar registrationThe Canada Revenue Agency (CRA) has retained the services of a contractor to assist in the delivery of webinars. The webinar’s registration and login pages and the delivery of the live webinar will be hosted on a non-CRA server. Your registration information (participant's and/or charity's name and email address) will be used only for the purpose of allowing you access to the webinar and to send you email reminders.Your information will not be shared with any other organization or used for any other purpose.The Charities Directorate will be presenting the following webinars for March 2014:
  • Related Business (Policy Statement CPS-019)
    March 11, 2014, 2 p.m., Eastern standard time
    Register now (Registration hosted on a non-CRA server)

    Topics include:
    • How to identify what a business is
    • The term "carrying on" a business
    • The difference between related and unrelated business by using a decision-tree
·         Information for Donors
March 12, 2014, 2 p.m., Eastern standard time
Register now(Registration hosted on a non-CRA server)

Topics include:
    • What is a registered charity?
    • The CRA’s role in regulating registered charities
    • Information about donations and how to investigate a charity
    • How to use your donations to save at tax time
    • The first-time donor’s super credit
    • Tax shelters and why you should avoid them
    • How to avoid fraud
To watch past webinars, go to Recorded webinars.For more information, go to Questions and answers about webinars. 
 
2. File your taxes online for free!You can file your taxes online for free. Many people think that filing online is expensive because it requires using certified tax preparation software. The CRA has a list of CRA-certified commercial tax preparation software packages and web applications to fit all budgets, including options that are free. 
File your taxes online for free!Share this pageShare this pageNo endorsement of any products or services is expressed or implied.Did you know?You can file your taxes online for free. Many people think that filing online is expensive because it requires using certified tax preparation software. The Canada Revenue Agency (CRA) has a list of CRA-certified commercial tax preparation software packages and web applications to fit all budgets, including options that are free.Important facts
  • Filing online is easy; all you need is your social insurance number and date of birth.
  • Income tax and benefit returns filed online must first be prepared using a CRA-certified tax preparation software or web application. For a list of what’s available, including free options, go to www.netfile.gc.ca/software.
  • Before filing online, your information, including your address, must be up-to-date. You can look up or change your information online before filing your return by using My Account at www.cra.gc.ca/myaccount.
Why file online?
  • CRA certified software and web applications guide you through the process, do all the calculations for you, and make sure you don’t miss out on credits and benefits you may be eligible for.
  • Filing online helps to ensure there are no interruptions to your Canada child tax benefit and GST/HST credit payments.
  • If you file your return online, in most cases you will receive your refund faster. When you file online and sign up for direct deposit, you may receive your refund in as little as eight days! For information on how to request direct deposit, go to www.cra.gc.ca/directdeposit.
  • Filing online is secure. The CRA uses the same high level of online security Canadian financial institutions use.
  • Last year, more than 75% of Canadians filed their return electronically. Join the majority who are already enjoying the benefits of online filing!
For more information about filing online, go to www.cra.gc.ca/getready and let us walk you through it step by step. 
 
3. Top things families should know about their taxesThere are lots of benefits, credits, and deductions to help families with their expenses throughout the year and reduce the amount they owe at tax time.Top things families should know about taxes Share this pageShare this pageNo endorsement of any products or services is expressed or implied.Did you know?There are lots of benefits, credits, and deductions to help families with their expenses throughout the year and reduce the amount they owe at tax time.Important factsThe following tips may help you or your family:Working income tax benefit (WITB) – Working individuals and families with low income may be able to claim this refundable tax credit. The WITB includes a supplement for individuals who qualify for the disability amount. Eligible individuals and families can also apply for advance payments. Depending on your province or territory of residence, you may be eligible for a credit of up to $1,797.Children’s fitness tax credit – Did your children play soccer, take golf lessons, or participate in some other program of physical activity in 2013? If so, you may be able to claim up to $500, per child, of the cost of these programs. You can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you have paid at least $100 in registration or membership fees for an eligible program.Children’s arts tax credit – Did your children participate in a program of artistic, cultural, recreational, or developmental activity such as tutoring in 2013? If so, you may be able to claim up to $500 of the fees paid, per child, on these programs. You can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you have paid at least $100 in registration or membership fees for an eligible program.Child care expenses – Did your children attend daycare or a child care program such as a summer day camp in 2013? You or your spouse or common-law partner may be able to claim what you spent on eligible child care in 2013.Family caregiver amount – If you have a dependant with an impairment in physical or mental functions, you may be able to claim up to an additional $2,040 in calculating certain non-refundable tax credits.Goods and services tax/harmonized sales tax (GST/HST) credit – The GST/HST credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset all or part of the GST or HST that they pay. You can apply for this credit when filing your income tax and benefit return.Public transit amount – Did you or your eligible dependant use public transit in 2013? You may be able to claim the cost of certain public transit passes or electronic payment cards for this 15% non-refundable tax credit.Home buyers’ amount – Did you buy a home in 2013? You may be able to claim a non-refundable tax credit of up to $750 for the purchase of a qualifying home.Child disability benefit – You may be eligible for this tax-free benefit if you cared for a child under the age of 18 who is eligible for the disability tax amount.Canada child tax benefit – You may be entitled to a tax-free monthly payment that helps eligible families with the cost of raising children under the age of 18. To find out if you qualify for this benefit and others, use our online benefit calculator. To receive this benefit, it’s important for you (and your spouse, if applicable) to file an income tax and benefit return every year, even if you did not earn an income during the year.Universal child care benefit – If you have children under the age of six, you may be eligible for this taxable benefit, which supports child care choices for families. You are registered for the universal child care benefit, if you have applied for the Canada child tax benefit. You can apply online through My Account using the Apply for child benefits service, or send the CRA a completed Form RC66, Canada Child Benefits Application.Medical expenses – You may be able to claim a non-refundable tax credit based on the medical expenses paid for you, your spouse or common-law partner, and your children for any 12-month period ending in 2013.Disability amount – If you or a family member has a severe and prolonged physical or mental impairment, you may be able to claim this non-refundable tax credit. To determine if you may be eligible for the disability tax credit (DTC), you must complete part A of the Form T2201, Disability Tax Credit Certificate, and then have part B of the form completed and certified by a qualified practitioner (medical doctor, optometrist, audiologist, etc.) When done, send the certified original form to the Disability Tax Credit Unit at your tax centre.Registered retirement savings plan (RRSP) – If you saved for your retirement in 2013 by contributing to an RRSP, you may be able to deduct the amount of your contributions to reduce your income.Canada Revenue Agency (CRA) online services make filing easier and let you get your refund fasterThe CRA’s online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund, and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money in your pocket faster. For more information, go to www.cra.gc.ca/getready. 
 
 
4. File your return now, and pay tax owing laterYou can file your income tax and benefit return now and pay tax owing later. Through the secure CRA's My Account service, you can set up a pre-authorized debit (PAD) so your payment arrives just in time.File your return now, and pay tax owing laterDid you know?You can file your income tax and benefit return now and pay tax owing later. Through the secure Canada Revenue Agency's (CRA) My Account service, you can set up a pre-authorized debit (PAD) so your payment arrives just in time.Important factsThe PAD service allows taxpayers registered in My Account to authorize the CRA to withdraw from their Canadian financial institution a pre-determined amount on a pre-determined date.
  • If you are already a My Account user, go to your account on the CRA website. Setting up a PAD agreement will be offered as an option upon login.
  • During set-up, you can:
  • specify the amount of the withdrawal;
  • set the date or recurring dates when the withdrawal(s) are to be made; and
  • indicate the bank account you'd like to use to make the payment(s).
NotesTo set up a PAD, you must first register in My Account. Please allow 5 to 10 business days for your security code to arrive in the mail. You will need this code to complete the registration.To avoid interest or late-payment charges, make sure to set up your PAD at least five business days before the deadline for any balance owing or arrears.
  • Once your PAD is created, you will be provided with an online confirmation letter that can be saved or printed.
  • You can modify or cancel your PAD online up to five business days before your payment due date.
The PAD service is one of many online payment options available to taxpayers. It's a great way to pay recurring payments such as instalment payments. Signing up for the PAD service is easy, convenient, and secure. Set it up and forget it.For other payment options, go to www.cra.gc.ca/payments. 
 
5. Need a hand with your tax return?For some, filling out a tax return can be a challenge. Wouldn't it be great to have a helping hand?If you are unable to prepare your own income tax and benefit return, you may be able to get help from the Community Volunteer Income Tax Program (CVITP)! This program, established more than 40 years ago, is a collaboration between the CRA and community organizations across Canada that host tax preparation clinics. Volunteer tax preparation clinics are generally offered from mid-February to the end of April of each year.Need a hand with your tax return?Did you know?For some, filling out a tax return can be a challenge. Wouldn’t it be great to have a helping hand?Good news -- if you are unable to prepare your own income tax and benefit return, you may be able to get help from the Community Volunteer Income Tax Program (CVITP)! This program, established more than 40 years ago, is a collaboration between the Canada Revenue Agency (CRA) and community organizations across Canada that host tax preparation clinics. Volunteer tax preparation clinics are generally offered from mid-February to the end of April of each year.Who can CVITP help?Over 18,000 CVITP volunteers help complete more than 500,000 income tax returns every year, lending a hand to thousands of people in communities across the country. The CVITP is available to any taxpayer with a modest income and a simple tax situation. This may include:
  • social assistance recipients;
  • newcomers to Canada;
  • seniors; and
  • students.
Volunteers do not prepare tax returns for complex situations, such as:
  • returns for deceased persons;
  • individuals who file for bankruptcy;
  • self-employed individuals;
  • individuals who report capital gains or losses;
  • individuals who report employment expenses; or
  • individuals who report business or rental income and expenses.
Who can CVITP help?For more information about the CVITP, to find out how to become a volunteer, or to find a participating community organization in your area, go to www.cra.gc.ca/volunteer, or call us at 1-800-959-8281. 
 
6. Tax savings - First time super donor's credit (TV ad)First time donors may be eligible for an additional non-refundable tax credit of $250.Videos: Tax savings working for you!Current position:00:00:00Total time:--:--:--Playback percentage: Ads | VideosGet tax savings ... working for you! For more information, visit www.cra.gc.ca/taxsavings.Watch our adsFirst-time donor's super credit0:33 sec. | Added: February 10, 2014 | Alternative formats and transcriptChildren's Fitness Tax Credit0:33 sec. | Added: February 10, 2014 | Alternative formats and transcriptPlay the videosFirst-time donor's super creditA non-refundable tax credit of up to $250 for first-time donations made after March 20, 2013.4:16 min. | Added: February 10, 2014 | Alternative formats and transcriptFamily caregiver tax creditA non-refundable tax credit of up to $306 for taking care of an eligible dependant.2:58 min. | Added: January 23, 2014 | Alternative formats and transcriptChildren's arts tax creditFamilies may be able to claim a non-refundable tax credit of up to $75 per child for eligible expenses (maximum $500) of enrolling in a prescribed program of artistic, cultural, recreational, or developmental activity.3:22 min. | Added: January 23, 2014 | Alternative formats and transcriptChildren's fitness tax creditA non-refundable tax credit of up to $75 per child for eligible expenses (maximum $500) of enrolling in a prescribed program of physical activity.4:03 min. | Added: January 23, 2014 | Alternative formats and transcriptFirst-time home buyers' tax creditFirst-time home buyers can claim a non-refundable tax credit of $750 for the purchase of a qualifying home.2:58 min. | Added: January 23, 2014 | Alternative formats and transcriptPublic transit tax creditA non-refundable tax credit that helps individuals cover the cost of public transit.4:13 min. | Added: January 23, 2014 | Alternative formats and transcriptPension income splittingPensioners can split up to 50% of eligible pension income with their spouse or common-law partner and reduce their overall tax paid.3:04 min. | Added: January 23, 2014 | Alternative formats and transcriptVolunteer firefighter tax creditIf you are a volunteer firefighter, you may be able to claim an amount of $3,000.2:45 min. | Added: January 23, 2014 | Alternative formats and transcriptTradesperson's tools deductionTradespersons can deduct from their income part of the cost of tools purchased throughout the year.2:14 min. | Added: January 23, 2014 | Alternative formats and transcriptStay connectedTo receive updates when new information is added to our Web site, you can:You can also visit our YouTube Channel for tax-related videos.Date modified:2014-02-10  
 
 
 
 
 
 
 
 

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