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Ontario Income Tax News

In january 2013 CRA will send approximately 33,000 letters to taxpayers

Jan 2, 2013

The Canada Revenue Agency (CRA) will soon be conducting its fourth annual letter campaign. In January 2013, the Small and Medium Enterprises Directorate of the Compliance Programs Branch will once again send educational and intent-to-audit letters to selected groups of Canadians through the Office Audit Letter Campaign. The campaign supports the CRA’s increased emphasis on…

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The Harper Government is taking action to support Canadian businesses

Dec 6, 2012

Ottawa, Ontario, December 4, 2012… The Honourable Gail Shea, Minister of National Revenue, today highlighted many of the important steps the Harper Government is taking to ensure Canadian businesses can continue to thrive under Canada’s tax system at the Certified General Accountants (CGA) Summit on Tax Simplification. Minister Shea reiterated the Harper Government’s commitment to…

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Taxpayer relief deadline is December 31, 2012

Dec 6, 2012

Ottawa, Ontario, November 30, 2012… The Canada Revenue Agency (CRA) reminds taxpayers and all tax registrants that they have until December 31, 2012, to file requests under the taxpayer relief provisions for the 2002 tax year and any reporting period that ended during the 2002 calendar year. The taxpayer relief provisions of the Income Tax…

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The Canada Revenue Agency: protecting Canadians from gifting tax shelter schemes

Nov 5, 2012

The Canada Revenue Agency: protecting Canadians from gifting tax shelter schemes Ottawa ON, October 30, 2012 – The Canada Revenue Agency (CRA) is taking steps to better inform and protect taxpayers from gifting tax shelter schemes. This is the time of year when promoters are heavily marketing their tax schemes to Canadians. For this reason,…

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Canada Revenue Agency announces maximum pensionable earnings for 2013

Nov 5, 2012

Ottawa, Ontario, November 1, 2012… The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013 will be $51,100—up from $50,100 in 2012. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in…

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Back to school? Save your receipts.

Nov 5, 2012

Did you know? If you’re moving for school this year you may be able to claim a tax deduction for moving expenses when you file your income tax and benefit return. You may also be able to claim a non-refundable tax credit based on the cost of your transit passes. So don’t forget to keep…

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Home owners may benefit from certain non-refundable tax credits when filing their income tax and benefit return.

Nov 5, 2012

Important facts First-time home buyer’s tax credit: If you are a first-time home buyer, a person with a disability buying a home, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 when you buy a…

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The following tips may help you or your family

Mar 9, 2012

Important facts The following tips may help you or your family: Child benefit amounts: Use our online benefit calculator to find out if you qualify for these benefits. Working income tax benefit (WITB): Working individuals and families with low income may be able to claim this refundable tax credit. The WITB includes a supplement for…

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What’s new in 2011 tax return

Mar 2, 2012

What’s new – your 2011 income tax and benefit return Did you know that you may be able to take advantage of new incentives or changes to existing credits, deductions, benefits, and services when filing your 2011 return? Important facts Children’s arts tax credit: Parents can save up to $75 at tax time when they…

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Canada Pension Plan changes for individuals aged 60 to 70 — January 2012

Dec 21, 2011

Contribution changes (what you will pay): All workers aged 60 to 65 will be required to make CPP contributions—even if they are receiving a CPP or QPP retirement pension. Workers who are 65 to 70 years of age and who are receiving a CPP or QPP retirement pension will be required to contribute unless they…

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Governments launch initiative to help students in trades succeed in business

Nov 11, 2011

Our government believes in equipping the entrepreneurs of tomorrow with the tools they need to succeed. This initiative will help them be fiscally responsible, adopting good business practices as they embark on their career in the trades,said Mr. Goguen. It is important to educate students on their tax entitlements and responsibilities, as well as the…

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New Tax Credit for Parents

Jul 6, 2011

Minister Shea announces new tax credit for parents Charlottetown, Prince Edward Island, July 5, 2011 … The Honourable Gail Shea, Minister of National Revenue, today visited the Confederation Centre of the Arts in Charlottetown to promote the children’s arts tax credit, a new non-refundable credit announced in the 2011 federal budget. “Parents whose children participate…

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