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The following is now available on the CRA Web site:

News Release:

Average refund for 2007 tax year increases almost $200 over last year

Ottawa, Ontario, May 30, 2008… The Honourable Gordon O’Connor, Minister of National Revenue, today announced the average refund for the 2007 tax year is worth approximately $1,440 to Canadians—an increase of almost $200 per person since last year.

“As a result of our government’s various tax relief measures, income tax refunds are up significantly this year,” said Minister O’Connor. “Thanks to measures such as the children’s fitness tax credit, the public transit amount, and pension income splitting, Canadians everywhere can use that money to save, invest, or spend it on things they need.”

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The following is now available on the CRA Web site:

Did you know…

That you can access even more of your tax information from the convenience of your desktop computer? Recent enhancements to My Business Account make tax time easier for sole proprietors, partners, directors, and officers.

As a business owner, you can now:

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The following News Release or Speech was posted on the Finance Canada Site

Ottawa, May 23, 2008
2008-039

The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for March 2008.
Highlights

March 2008: budgetary deficit of $1.2 billion

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

Ottawa, May 8, 2008
2008-037

The Honourable Jim Flaherty, Minister of Finance, today announced regulatory changes are now in effect allowing Canadians to take advantage of Budget 2008 improvements to the administration of Life Income Funds (LIFs).

“Many people, such as seniors, pensioners and individuals facing financial hardship, will now have greater freedom to move their investments and use the money when they want, for what they want,” said Minister Flaherty. “These changes simply reflect the greater range of employment and lifestyle choices available in our fast-paced global economy.”

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* It’s about time! Although I do not have any corporate clients from Ontario anymore .. back in the ‘ole’ days .. I did have clients with multi-jurisdictions. I always dreaded the filing of these wasteful and additional Alberta and Ontario T2’s - it really was a waste of paper. … // HART

The following is now available on the CRA Web site:

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The following is now available on the CRA Web site:

Tax Alert:

The Canada Revenue Agency (CRA) is reminding Canadians to properly indicate their province or territory of residence on their tax returns. This ensures that you are paying the taxes you owe, and allows the CRA to properly distribute the taxes it collects on behalf of provinces and territories.

When you let us know where you were living on December 31, it helps to determine which province or territory will receive your tax dollars. The CRA collects taxes for individuals on behalf of all provinces and territories except Quebec. Services and social programs that you and your family use on a day-to-day basis are directly affected when you don’t pay taxes to the proper province or territory.

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The following is now available on the CRA Web site:

Did you know…

That the Government of British Columbia has introduced the British Columbia Training Tax Credit to attract people to apprenticeship programs, and to encourage those already enrolled to complete their program. This tax credit is available to both apprentices who were residents of British Columbia at the end of the year and employers of apprentices enrolled in a Red Seal or other program recognized by the Industry Training Authority who carried on a business in British Columbia during the year.
Apprentices

As an apprentice, you may qualify for up to $9,000 in tax credits as you progress through your training, and additional funding is available to qualified apprentices under the Enhanced Tax Credit. To claim the training tax credit, complete Form T1014 and include it when filing your personal income tax return.
Employers

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The following is now available on the CRA Web site:

Did You Know …

That you may be able to claim child care expenses on your income tax return if your child is cared for at home or in nursery school, daycare, day camps, boarding schools, and day sports schools? You can claim these expenses if you or your spouse or common-law partner incurred the expenses in order to work, carry on a business, or attend school.

If you qualify and your child is under the age of 7, you could claim up to $7,000 a year. If your child is over 7 but under 16 years of age, you may be able to claim up to $4,000. There is no age limit if you have a disabled child, and you could be able to claim up to $10,000.

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For 2007 .. the Total Allowable Medical Expenses is the amount of ELIGIBLE Medical Expenses less the greater of $1,926 or 3% of your Net Income .. up to $10,000 limit. This amount includes any premiums paid to a health services plan (like Blue Cross, etc).

List Of Allowable Medical Expenses

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The following is now available on the CRA Web site:

FACT SHEET:

Starting April 1, 2008, the Canada Revenue Agency (CRA) will apply the compliance refund hold legislation to the following corporate entities that are exempt from paying federal income tax under subsection 149(1) of the Income Tax Act:

* municipalities
* universities
* schools
* hospitals
* non-profit organizations
* federal crown corporations
* Indian band councils

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