Other Items of Interest

Healthy Homes Renovation Tax Credit - The Healthy Homes Renovation Tax Credit is a new permanent, refundable Personal Income Tax credit to assist with the cost of permanent home modifications that improve accessibility or help a senior be more functional or mobile at home. See Healthy Homes Renovation Tax Credit. See February 25, 2016 Budget changes above.

Family Caregiver Tax Credit - For 2012 and subsequent years, you may claim a Family Caregiver Tax Cedit in respect of an infirm dependant providing up to an additional amount of $2,000 for various non-refundable tax credits, see Family Caregiver Tax Credit

U.S. Social Security benefits - If you received U.S. Social Security benefits, you may be eligible to claim a deduction of 50% of the benefits received. For more information, see the Exempt foreign income section.

Employment Insurance premiums on self employment and other eligible earnings - You may be able to enter into an agreement with the Canada Employment Insurance Commission through Service Canada to participate in the new Employment Insurance (EI) Measure for Self-Employed People. 

Once you have registered to participate, you have 60 days in which you may cancel your participation without having to pay any premiums. 
After this 60-day period, you may still terminate your participation if you have never received EI special benefits as a self-employed person. In other words, after you receive EI special benefits, your participation will continue and you will have to continue to pay EI premiums for the entire duration of your self-employed career, regardless of any change in the nature of your self-employment. 
Note that you will not receive a refund of any EI premiums. For more information about this measure, contact Service Canada.

Ontario Trillium Benefit Starting July 2012, the Ontario Trillium Benefit (OTB) combines, into one monthly payment, the

• Ontario Sales Tax Credit

• Ontario Energy and Property Tax Credit, and

• Northern Ontario Energy Credit

Starting July 2012, you will be paid monthly rather than having to wait until after you file your tax return next year. You may  elect to receive Trillium Benefits either monthly or annually. The election will be made on your tax return however, you must wait for 1 year to receive your annual payment (when current period for monthly payments has ended).

Meal and beverage expenses of long-haul truck drivers are deductible at a higher rate than the 50% permitted for other transportation employees. During eligible travel periods in 2010, meal and beverage expenses are deductible at 75%. This rate will increase by 5% again in 2011 at which time the maximum rate of 80% will be reached. See details at Meal and Beverage Expenses of long-haul truck drivers.

Volunteer Firefighters Tax Credit -For 2011 and subsequent years you may claim a non-refundable tax credit based on an amount of $3,000 for certain volunteer firefighters, see Voluteer Firefighter Tax Credit.

Medical Expenses Tax Credit (METC) for Certain Dependants - For 2011 and subsequent years eligible expenses incurred for your dependant will no longer be restricted to a $10,000 limit, see Medical Expenses Tax Credit.

Tax-free savings account (TFSA) - Beginning in 2009,  a registered savings account has been introduced and will allow individuals (other than trusts) to earn investment income tax free. For more information visit Tax-free Savings Account page or see Information Sheet RC4466 Tax-Free Savings Account (TFSA).

Taxable capital gains - You may be entitled to an inclusion rate of zero on a capital gain realized from the exchange of certain types of capital property that are donated to a registered charity or other qualified donee. For more information See Pamphlett P113, Gifts and Income Tax. 

Pension Income Splitting: - Starting in 2007 if you or your spouse received pension income that is eligible for the pension income amount, you may be eligible to split it for income tax purposes. This may result in substantial tax savings. See Pension Income Splitting.

First-Time Home Buyers' Tax Credit (HBTC) - For 2009 and subsequent years you may claim a new $5,000 non-refundable tax credit for certain home buyers that acquire a qualifying home after January 27, 2009. For more information visit First-Time Home Buyers' Tax Credit.

RRSP - Home Buyers' Plan - The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. For 2009 and subsequent years, withdrawals made after January 27, 2009 have increased to $25,000. For more information visit Home Buyers' Plan.

RRSP/RRIF Issues Upon Death (HBTC) - Currently, the value of an individual's RRSP or RRIF at the time of death is generally included in the deceased individual's income for the year of death. This income inclusion does not take into account any decreases in the value that may occur after death and prior to the final distribution from the RRSP or RRIF. For more information visit RRSP/RRIF Issues Upon Death.

 

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.