Tax season is here! Individual tax returns for 2013 filed by May 5 will not incur interest or penalties: self-employed workers and their spouses or common-law partners have until June 16, 2014 to file.
The Government is committed to helping Canadian families and individuals to get ahead. This includes keeping taxes low and providing tax relief. The Economic Action Plan (EAP) includes specific tax changes that can benefit you in your 2013 filing.
The Adoption Expense Tax Credit is a 15% non-refundable tax credit that allows adoptive parents to claim eligible adoption expenses. For adoptions finalized in 2013 and subsequent years, the adoption period has been extended. Adoption expenses are claimed on Line 313 of your federal return.
Donations and gifts
The new First-Time Donor’s Super Credit supplements the value of the charitable donations tax credit by 25% on donations made after March 20, 2013, by a first-time donor. You must complete Schedule 9 of your return and enter the amount of your eligible gifts on line 343.
The Family Caregiver Tax Credit (FCTC) provides tax relief to those who care for an infirm dependent relative, including, for the first time, spouses, common-law partners and minor children. For the 2013 tax year, the FCTC claim amount has increased to $2,040. You will need to enter the claim on line line 303, line 305, line 367, and/or line 315.
Visit www.cra.gc.ca/getready for more details on how to file your 2013 income tax return. File your taxes online and use direct deposit to get your refund faster.
Click here for more information on EAP initiatives and programs focussed on keeping taxes low and providing tax relief for Canadians.