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The following News Release or Speech was posted on the Finance Canada Site May 25, 2009

Chelsea, May 25, 2009
2009-051

Federal, provincial and territorial Ministers of Finance, as joint stewards of the Canada Pension Plan (CPP), today announced the results of the program’s triennial review at the close of their annual spring meetings at Meech Lake.

The review confirms that the CPP, a key pillar of Canada’s retirement income system, remains on a sound financial footing. “The CPP is well positioned to weather the current market turbulence,” said the Honourable Jim Flaherty, Minister of Finance. “Canadians can count on an affordable CPP today and for the future.”

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Flaherty Welcomes Earlier Tax Freedom Day

The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, June 6, 2009
2009-056

OTTAWA – June 6, 2009 – The Honourable Jim Flaherty, Minister of Finance, was pleased to welcome Tax Freedom Day today, as it occurs three days earlier in 2009 than in 2008. Calculated each year by the Fraser Institute, Tax Freedom Day marks the day to which the average Canadian had to work to pay their total tax bill. In 2009, the Fraser Institute has calculated that Tax Freedom Day is today—June 6th. In 2008, Tax Freedom Day fell on June 9th.

“Our Government’s commitment to lower taxes is long-standing, and has been backed by action in every one of our budgets,” said Minister Flaherty. “We have been working to reduce the tax burden on Canadians since the day we took office, and as a result Tax Freedom Day for the average Canadian family has steadily decreased. Even in today’s global recession, we have provided tax relief that has left more money in the hands of families and businesses across Canada, giving the economy a boost when it needs it most.”

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The following News Release or Speech was posted on the Finance Canada Site May 21, 2009

Toronto, May 21, 2009
2009-048

Delivering on the Government’s promise to help consumers of financial products, the Honourable Jim Flaherty, Minister of Finance, today released new proposed regulations aimed at limiting business practices that are not beneficial to consumers and providing clear and timely information to Canadians about credit cards.

“Close to 25 million Canadians have credit cards, and most of them pay their balance in full, which is a great credit to how prudent Canadians are generally,” said Minister Flaherty. “Through Canada’s Economic Action Plan, we are helping consumers by mandating a 21-day grace period on new purchases made with credit cards during the month, when a full payment is made at the end of that month.

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As previously reported, you can Get 15% Back In Federal Home Renovation Tax Credits When You Spend Over $1,000 on Home Improvement Renovations .. and this is only available for the 2009 taxation year. Here follows more information for your perusal.

SOURCE: HRTC Page

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The following is now available on the CRA Web site:

Did You Know …

That as a legal representative of a deceased person you can be held liable for amounts the deceased person owes?

Protect yourself by obtaining a clearance certificate from the Canada Revenue Agency before you distribute any property under your control. A clearance certificate certifies that all amounts for which the deceased is liable to us have been paid, or that we have accepted security for the payment. If you do not get a certificate, you can be liable for any amount the deceased person owes. The certificate covers all tax years to the date of death, but it does not apply to amounts owed by a trust. If a trust exists, a separate clearance certificate is required for the trust.

Make your request only after you have received the notices of assessment for all the returns filed and paid or secured all amounts owing for the deceased person. To request a certificate, complete Form TX19, Asking for a Clearance Certificate, and send it to the Assistant Director, Audit, at your tax services office. By including supporting documentation, you will help us issue the certificate without delay.

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The following is now available on the CRA Web site:

News Release

Winnipeg, Manitoba, April 17, 2009… The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture) confirmed today that taxpayers affected by flooding in Manitoba will have until June 1, 2009, to file their 2008 personal income tax returns.

“The Government of Canada understands that taxpayers in Manitoba have encountered great difficulties during this flooding,” said Minister Blackburn. “We know that people are primarily concerned with protecting their homes and communities from damage and as a result may not be able to file their personal income tax returns on time. This filing extension is one of the ways the Government is helping those affected by this flood.”

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The following is now available on the CRA Web site:

News Release

Ottawa, Ontario, April 3, 2009… Some Canadians are finding out the hard way that they cannot avoid paying their share of taxes.

The Canada Revenue Agency (CRA) uses a variety of tools and methods to identify non-compliance and take action to address tax cheating, as well as to correct honest mistakes.

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The following is now available on the CRA Web site:

News release

Ottawa, Ontario, April 2, 2009… The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture), wants Canadians to know that they will see more money in their pockets, thanks to the Government of Canada’s Economic Action Plan.

“This Plan is providing comprehensive and targeted tax relief to support Canadians and their families immediately during this difficult economic period,” said Minister Blackburn. “Tax relief is an essential part of the government’s effort to stimulate the economy, to help build a solid foundation for future economic growth, and to create more jobs.”

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A lot of my clients ask me all the time if they can destroy their financial records e.g. from 2002 now - since it’s six years ago - and I thought I would post my views what CRA means by the following news release.

The following is now available on the CRA Web site:

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The following is now available on the CRA Web site:

Nineteen-year-old Max moved from Calgary to study full-time at the University of Ottawa on August 15, 2008. Although he received a scholarship, he decided to get a job at the local grocery store to earn some pocket money during the school year. Max has taken the course “Responsible Citizenship and Canada’s Tax System.” This course is provided to educators by the Canada Revenue Agency (CRA).

If you are a student like Max, you must file an income tax and benefit return for 2008 since you have to pay taxes, are expecting a refund, want to apply for the goods and services tax/harmonized sales tax (GST/HST) credit, or want to carry forward or transfer the unused part of your tuition, education, and textbook amounts. By filing your income tax return by April 30, 2009, your return will be processed faster and if you are entitled to a refund, you will receive it earlier. Generally, you must use the tax and benefit package for the province or territory where you usually resided on December 31, 2008. Since Max usually resides in Calgary and is only living in Ottawa temporarily while attending school, Max will use an Alberta tax and benefit package.

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