Chartered Professional Accountants
First Time Donor's Super Credit - March 21, 2013
Personal Tax - Budget 2013 proposes to introduce a First-time Donor’s Super Credit that will supplement the charitable donation tax credit with an additional 25% tax credit for a first-time donor on up to $1,000 of donations.
Lifetime Capital Gains Exemption - March 21, 2013
Personal Tax - Budget 2013 proposes to increase the Lifetime Capital Gains Exemption by $50,000 to a total of $800,000 of capital gains realized by an individual on qualified property, effective for the 2014 taxation year. The budget also proposes to index the LCGE after 2014 for inflation.
CPP Contribution Rules - November 1, 2011
Social Benefits - As of January 1, 2012, you may have to continue to pay CPP premiums if you are between the ages of 60 and 65 and begin drawing Canada Pension Plan benefits while you are still working. For those 65 and older but under 70, the CPP contributions are voluntary and you may file an election (CPT30) with your employer to stop paying CPP contributions.
Children’s Arts Tax Credit (Children's Art Amount) - June 6, 2011
Personal Tax - A proposed Children's Art Tax Credit will allow parents to claim a non-refundable tax credit on amounts paid for the enrolment of a child, who is under 16 years of age at the beginning of the year, in an eligible program of artistic, cultural, recreational or developmental activities. The amount of the credit can be up to $500 in eligible expenses paid in a year, per child.
Volunteer Firefighters Tax Credit (Volunteer Firefighter's Amount) - June 6, 2011
Personal Tax - The budget proposes to allow eligible volunteer firefighters to claim a non-refundable tax credit of $3,000 if they were volunteer firefighters during the year and complete at least 200 hours of eligible volunteer firefighting service in the year.
HRTC – March 1, 2010
Personal Tax - For the 2009 personal tax year, a 15% home renovation tax credit is available to any household that made eligible renovations to a home, condo or cottage. The credit applies to eligible expenses of more than $1,000 but not more than $10,000. The maximum tax credit for eligible expenses of $10,000 less the $1,000 minimum would be $1,350 ($9,000 x 15%).
ASPE – December 15, 2009
Accounting - The Accounting Standards Board has finalized the standards for Private Enterprise GAAP. These standards are availbale for early adoption for 2009 year-ends and must be in place for year-ends beginning on or after January 1, 2011. These standards will simplify reporting requirements relating to recognition, measurement and presentation.
Small Business Rate – September 1, 2009
Corporate Tax - Canadian-controlled private corporations (CCPC) are eligible for a small business rate on the first $500,000 of active business income. The $500,000 limit applies to corporations with year-ends ending after January 1, 2010, prorated for the number of days in 2009. Year-ends ending before this date are eligible for a small business rate on the first $400,000 of active business income.
ASPE – October 2, 2008
Accounting - The Accounting Standards Board is in the process of developing an exposure draft that would develop a separate GAAP for private enterpirses. Under the separate GAAP, private enterprises would have less complex requirements and would not be subject to International Financial Reporting Standards (IFRS).
Flood Damage – August 12, 2008
Programs - The Government of New Brunswick announced a recovery program for residents and businesses that incurred property damage as a result of flooding between August 1 and 5, 2008.
TFSA – February 26, 2008
Personal Tax - The 2008 budget proposed a Tax Free Savings Account (TFSA) which would commence in 2009. This TFSA allows individuals to contribute $5,000 (indexed) per year to an investment account in which the income and original contributions are not taxable. Contributions to this account are not tax deductible. Contribution room is increased by any unused contributions from previous years and by withdrawals from the account.
Pension Splitting – February 26, 2008
Personal Tax - On your 2007 personal tax return you will be able to split 50% of any eligible pension income to your spouse or common-law partner. The pensioner and their spouse must make a joint election to split pension income on form T1032.
Non-Capital Losses – May 2, 2006
Corporate Tax - Year-ends ending after 2005 will be able to carry forward non-capital losses for 20 years, an increase of 10 years.
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