Category: Tax Tips
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First-time Homebuyers Tax Credit
What is the first-time home buyers’ tax credit (HBTC)? The HBTC is a non-refundable tax credit for certain homebuyers who acquire a qualifying home after January 27, 2009, that is – closing after this date. How is the HBTC calculated? The HBTC is calculated by multiplying the lowest personal income tax rate for the year […]
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What’s new for 2012?
We list the major changes below, including income tax changes that have been announced but were not law at the time of printing. If they become law as proposed, they will be effective for 2012 or as of the dates given. For more information about these and other changes, see the areas outlined in this […]
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Pension Income Splitting Info
Do you qualify to split your pension income? You (the Pensioner) and your spouse or common-law partner (the Pension Transferee) can elect to split your eligible pension income received in the year if you meet the following conditions: you are married or in a common-law partnership with each other in the year and are not, […]
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If you donate to a gifting tax shelter, expect to be audited
Protect yourself! The CRA knows that most taxpayers, given the proper tools and information, will voluntarily meet their tax obligations. The following contains information that will help taxpayers understand how to protect themselves against tax schemes, and understand the consequences they might face. For example, some taxpayers don’t realize the financial and personal risks they […]