With filing time just around the corner, we thought the following information, taken directly from CRA’s website, would be helpful for you to keep in mind this year. You may be eligible for new or improved tax relief measures and services when filing your 2012 income tax and benefit return.
Family caregiver amount– If you have a dependant with a physical or mental impairment, you may be able to claim up to an additional $2,000 in the calculation of certain non-refundable tax credits. Go to www.cra.gc.ca/familycaregiver for more information.
Medical expenses– Prescribed blood coagulation monitors for individuals who need anti-coagulation therapy are now eligible as medical expenses. Go to www.cra.gc.ca/medical for more information.
Investment credit– Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 1, 2013.
Other changes for 2012
Employees profit-sharing (EPSP)– You may have to pay a new tax if you are a specified employee and contributions that your employer made to an EPSP and allocated to you for the year are more than the threshold.
Canada Pension Plan (CPP) working beneficiaries— On January 1, 2012, the rules for contributing to the Canada Pension Plan changed. The changes apply to you if you are an employee or self-employed, you are 60 to 70 years of age, and you are receiving a CPP or Quebec Pension Plan retirement pension. For more information, go to www.cra.gc.ca/cpp.
Be sure to check back often over the next several weeks as we work to keep you up to date with valuable tax advice.