Yearly Changes to Government Tax Programs

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Staying on top of yearly changes to government tax rules is important when filing your taxes this year. Deductions that were available last year may not be available this year. There also may be new credits offered this year that you can take advantage of. CBC released an article this week outlining some of the changes to current budget items and federal programs.

Some of the changes include;

-Overseas employment tax credits: This program is being phased out in 2013 and will drop to 60% from 80%

-Adoption expenses credits: Filling period has been extended

-First time charitable donation credits: New program, allowing your to claim the first $1,000 donated

-Family caregiver credits: Increase in claim amount from $2,000 to 2,040

-Lifetime capital gains exemptions: Increased from $750,000 to $800,000

For more changes and the full CBC article click here http://www.cbc.ca/news/business/taxes/tax-changes-to-be-aware-of-before-filing-this-year-1.2499181.

It is an accountants job to be aware of these changes in order to help you get the most out of your return and to make sure your taxes are filed properly. For a consultation on how this years changes can effect your filing process contact us at info@cpa4toronto.com

Nicole Dronca, CGA