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Filing a tax return isn't always an
easy task. You want to ensure you claim every credit and deduction that you
are entitled to, whether you do it yourself or give it to a tax preparer.
The following notes are
designed to highlight some federal deductions and credits that may be of
interest.
- Home buyers' amount: Did you buy a home in 2014? You
may be able to claim up to $5,000 of the purchase cost, and get a
non-refundable tax credit of up to $750.
- Medical expenses threshold: For the 2014 tax year, the
maximum is 3% of net income or $2,171, whichever is less. NOTE: If your
medical expenses exceed 4% of your household's combined net income
and are due to a medical condition, you may want to check out the
Ontario Government Trillium Drug Program
- Donation tax credits: after March 20, 2013, the
first-time donor super credit is 25% for up to $1,000 in donations, for
one tax year between 2013 and 2017
- Lifetime capital gains exemption:The lifetime capital gains
exemption is $813,600 in 2015.
- Low-interest loans: The current family loan rate is
1%.
- Children's Fitness Amount - Is now $1000 (it was $500) for
children under 18 enrolled in a prescribed fitness program.
- Maximum RRSP contribution:The maximum contribution for 2016
is $25,370, and for 2015 is $24,930. However, you should check
your Notice of Assessment from your 2013 taxes
- TFSA limit: The TFSA limit for 2015 is
$5,500, for a total of $36,500 in room available for someone who has
never contributed and has been eligible for the TFSA since its
introduction in 2009.
- Maximum pensionable earnings: For 2015, the maximum
pensionable earnings is $53,600, and the basic exemption amount is
$3,500.
- Maximum EI insurable earnings: The maximum annual insurance
earnings (federal) for 2015 is $49,500.
- Turning 65 this year? - There are a number of credits
that take effect.
- Turning 71 this year? -In the year you turn 71, you
must convert your RRSP to a RRIF
- Did your children turn 18? - Many credits and deductions
may no longer be available to the parents
For more information, the
Canada Revenue Agency web site can be found here.
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