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Recent
Income Tax Changes
Rates
Credits
- Tax
credit for public transit passes
- Children’s
fitness tax credit
- Increase
in the pension tax credit to $2,000 per year
- Canada
employment credit - $1,000
- Textbook
tax credit - $65 per month for full-time students
- Scholarships
and bursaries – are now tax free
Universal
Child Care Benefit
- $100
per month for children less than 6 years old
Payroll
- Employment
insurance premium is reduced to 1.73% for 2009
- CPP
pensionable earnings ceiling for 2009 is up to $46,300
- Threshold
2 remitters must remit source deductions at a Canadian financial
institution
GST
Change
Effective January 1, 2008 the GST has changed
to 5%
Agri-Stability & Agri-Invest
The Canadian Agriculture Income Stabilization
(CAIS) program has been replaced with Agri-Stability that is
administrated provincially and Agri-Invest which is
administered federally.
Program
Info
Tax Free Savings Accounts (TFSA)
Eligible contributions to a TFSA - $5000 per
year
-
Individuals 18 or older
- The contributions are not tax
deductible
-
Investment income earned on the account will not be subject
to income tax
Home Renovation Tax Credit
- Any
renovations made to your principle residence within the
period:
Jan 27, 2009 to Feb 1, 2010
- Expenditures over $1,000 but not
exceeding $10,000
- Tax
credit - maximum $1,350 claimed on 2009 personal income tax
return
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