Filing Your Taxes for 2013, What’s New?
March 13, 2014 – Personal income Tax
- Safety deposit box payments made after March 20, 2013 are no longer deductible.
- Adoption expense tax credit has been enhanced to claim eligible adoption expenses earlier than before; from the time an application is made for registration with a provincial ministry responsible for adoption. This allows certain expenses such as provincially required home study and fees to complete adoption courses to be claimed.
- A first-time donor super credit is applicable for donations up to $1,000 made after March 20, 2013 to December 31, 2017. First-time donors are defined as follows: neither they nor their spouse or common-law partner have claimed a donation credit since 2007. In terms of tax savings, the super credit is worth an extra 25% on the first $200 of donations, or $50 in extra tax savings, and an extra 25% on the next $800 of donations, or $200 in extra tax savings.
Notice to Reader
Dean Constand C.G.A. publishes this newsletter for information purposes only. Feel free to distribute to colleagues and friends. Although the material has been carefully prepared, it is not a substitute for professional advice.