But you can't claim both the $3,000 amount and the $1,000 exemption. Alternatively, you can claim an exemption for up to $1,000 of income paid to you as an emergency services volunteer. If you're an emergency services volunteer you might qualify to claim a $3,000 amount on lines 362 (volunteer firefighters) or 395 (search and rescue volunteers, which is new for 2014).
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This could save you more tax since your claim is limited to $2,171 (for 2014) or three per cent of net income, whichever is less. Be sure to claim your medical expenses on the tax return of the lower income spouse. This year, costs for the design of personalized therapy plans for those eligible for the disability tax credit and the cost of service animals used to help those with severe diabetes can now be claimed. If you've paid fees for your child to participate in a prescribed program of physical activity, you can now claim up to $1,000 of those fees (up from $500 last year), which will provide tax savings in the form of a non-refundable credit. You can split the $15,000 limit between you and your spouse or common-law partner, which can make sense if you're both in high tax brackets.Ĭhildren's fitness amount. The expenses should be claimed in the year the adoption process ends. If you're adopting, or have adopted, a child who is under 18 years of age, you may be able to claim up to $15,000 of adoption expenses (up from $11,774 previously).
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You'll have to meet the criteria, and complete Schedule 1A, which has all the details.Īdoption expenses. This credit will allow you to save up to $2,000 in taxes by effectively shifting part of the tax burden from a higher-income spouse or common-law partner to the one with a lower income. Claim it on line 423 on Schedule 1 of your tax return. Starting this year you'll have the ability to claim the "Family Tax Cut" credit. Your Notice of Assessment will arrive electronically this way. On the front page of your tax return, be sure to register for online mail and you'll receive an e-mail notification any time there is mail for you to view on the My Account online service. It allows you to access and manage all of your personal tax information and correspondence with CRA online. If you haven't registered yet for the Canada Revenue Agency (CRA) service "My Account," you should (go to: cra.gc.ca/myaccount). Here's the low-down on changes that may impact your 2014 tax return.
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You won't want to miss these changes as you pull out your own tax forms (not your hair).
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I sat down with Jack on the weekend and we talked about all that's new this year when it comes to filing his tax return. He's been pulling his hair out trying to understand his taxes." Now, if you know Jack, you'll know that he has precious little hair left, so this was not good news. "I want you to speak with Jack next door. Is there anything you'd like to say to me before the hockey playoffs begin?" As I sat down on the couch the other day, preparing to watch the sports highlights, I said to my wife: "Carolyn, I'm going to be a little pre-occupied these next four weeks. Now that the weather is improving, it can only mean four things: (1) the NHL playoffs are just around the corner, (2) the Blue Jays home opener is nearly upon us, (3) the Masters golf tournament is nearly here, and (4) your tax return is due pretty soon.