SB Partners logo

New Tax Relief Measures


Richard Weber on February 6, 2014 in Advice for Business Owners

It’s a new year with lots to think about. New tax relief measures shouldn’t be one of them. 

SB Partners will ensure you get the refunds and benefits that you are entitled to by looking at your personal or family eligibility for any of this season’s tax changes including:
 
• First-time donor’s super credit – This new credit for first-time donors gives an extra 25% credit for cash donations when you claim your charitable donations tax credit. This means you can get a 40% federal credit for up to $200 in donations and a 54% credit for the part of donations that is over $200 but not more than $1,000. This is in addition to the provincial credit.


• Family caregiver amount – If you have a dependant with an impairment in physical or mental functions, the additional amount you may be able to claim has increased to $2,040 when calculating certain non-refundable tax credits.


• Pooled registered pension plan (PRPP) – The PRPP is a new retirement savings option for individuals, including those who are self-employed.


• Adoption expenses – The period to claim adoption expenses has been extended for adoptions finalized in 2013 and later years.


• Investment tax credit – Eligibility for the mineral exploration tax credit has been extended to flow through share agreements entered into before April 1, 2014.


• Tax-free savings account (TFSA) – The annual TFSA dollar limit increased to $5,500 on January 1, 2013, for the 2013 contribution year, and remains at that amount for the 2014 contribution year.
 
Source:  http://www.cra-arc.gc.ca/nwsrm/txtps/2013/tt131209-eng.html