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What's New for 2009 Personal Tax Returns ?
| Guest post by: Brenda Parker |
Article Overview: An outline of some of the main changes made to the T1 personal tax return for Canadians in 2009.
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Free Download - Accounting - Beyond the Tax Return By Brenda Parker |
What's New for 2009 Personal Tax Returns ?
Once again it's time to start gathering your papers together in preparation for filing your 2009 tax return which will be due on April 30 for most. If you have an unincorporated small business, then your deadline is June 15, although CRA will charge interest on any balances owing at the end of April.
We are always hoping for some new credits to help ease the tax burden. 2009 was not a big year for tax changes, but there are a few things that are worth noting. This list may not include all the changes, but it does address some of the "what's new" items. Since the phrase comes up frequently, please keep in mind that "non-refundable tax credits" reduce your Federal Tax payable. If your non-refundable credits exceed the amount of tax that you owe, you will not be refunded the difference.
Many of the regular credits such as the federal personal amount and age amount for persons 65 years of age and over for example, have increased as they normally do.
If you are a homeowner and did renovations or alterations on your eligible dwelling during the year, your expenditures may qualify for a new non- refundable tax credit of up to $1,350. The expenditures must have been incurred for work performed or goods acquired after January 27, 2009 and before February 1, 2010. The credit applies to eligible expenditures in excess of $1000 but not more than $10,000.
If you meet the definition of a first time home buyer, a person with a disability, or an individual buying a home on behalf of a relative with a disability, you may be able to claim a new non-refundable tax credit of up to $750 for the acquisition of a qualifying home after January 27, 2009. The closing date is used to determine this.
Under the home buyers plan, the maximum amount that you may withdraw from your RRSP has increased to $25,000 as of January 27, 2009.
If an unmatured RRSP or RRIF of a deceased person decreases in value after the date of death, and the final payment from that RRSP or RRIF is made after 2008, a deduction may be claimed on the final return of the deceased person for the decrease in value. This is so important due to the volatility in the market since October 2008.
MyPayment is a service provided by CRA where individuals and businesses can pay their taxes online if they are signed up for online banking. Look for it on the CRA home page. It may not be available through all banks yet.
Long haul truck drivers may deduct 70% of their meal expenses for 2009. This percentage will increase again in 2010 and 2011.
The tax free savings account became available January 1, 2009 where investments earnings such as interest, dividends and capital gains can accumulate tax free. There is no upper age limit (minimum age is 18) and no earned income restriction. Contributions may be up to $5,000 per year (indexed each year to the nearest $500). Unused room will accumulate each year when you file your return. Unlike an RRSP though, you cannot deduct your contributions to lower your taxes.
This is not a complete list, but it does address some of the main changes for 2009. Check the CRA website for more information or speak with you tax professional.
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Article Tags: income tax, personal tax return, personal tax returns, T1, tax, tax credits
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About the Author: Brenda Parker RSS for Brenda's articles - Visit Brenda's website
Brenda Parker operates Scotia Accounting and Tax Services located in Stellarton, NS, Canada. After graduating summa cum laude from St. Mary's University in Halifax with a B Comm in Finance and a BA in Economics, she worked for a national grocery firm in various departments with her last role being assistant manager of Taxation. During this time she attained her Certified General Accountant's designation. Since getting her CGA, she has worked in various management/accounting positions for government ,public accounting firms, and as controller of a regional hotel chain and a new car dealership. She is a Simply Accounting Certified Consultant and Quickbooks partner. In her accounting practice she has served both large and small clients in a wide variety of sectors. From personal taxes to businesses in manufacturing, wholesale, retail and services to charities and not-for-profit organizations. She has clients from Cape Breton Island, NS to Montreal, Quebec to Calgary, Alberta and in many locations in mainland NS. All information in her articles is offered without prejudice and she advises readers to consult a professional accountant in person in regards to their personal situations. Click here to visit Brenda's website   So who must file an income tax return for a given year Remembering Taxable Benefits Starting Up Your Own Small Business Dig hard for those valuable tax receipts and reap the rewards Accounting Beyond the Tax Return |
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