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The following is now available on the CRA Web site:

Did you know…

That you may be able to reduce your income tax by donating to registered charities? You can verify whether a charity is registered by searching for it in the Canada Revenue Agency (CRA) Charities Listings.

In 2007, the federal tax credit for charitable donations is calculated as 15% of the first $200 of donations, plus 29% of the amount donated over $200. You may also be eligible for provincial or territorial tax credits based on the applicable provincial or territorial rates. You can claim donations made this year, or carry forward any unclaimed donations for up to five years. Married or common-law couples can pool their donations and claim them on one return.

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Ottawa, February 5, 2008
2008-010

The Honourable Jim Flaherty, Minister of Finance, today introduced Bill C-41 in Parliament, which was unanimously adopted at all stages. Upon receiving Royal Assent, this legislation will allow $1 billion in federal funding to begin flowing to struggling communities through the Community Development Trust recently announced by Prime Minister Stephen Harper.

“Vulnerable communities have made it clear that this funding will make a real and lasting difference in addressing economic hardship caused by a shifting global economic landscape,” said Minister Flaherty. “They have also expressed the need to receive this assistance in a timely fashion, which is why the Government of Canada made the timely adoption of Bill C-41 a priority for this parliamentary session.”

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The following is now available on the CRA Web site:

News release

Ottawa, Ontario, February 4, 2008… The Canada Revenue Agency (CRA) will provide service on its business enquiries telephone lines on two Saturdays, February 16, and 23, 2008, from 10:00 a.m. to 4:00 p.m. This extended service will assist employers who need help preparing T4 slips for employees.

The CRA’s business enquiry telephone service operates year round with agent-assisted service available from Monday to Friday between 8:15 a.m. and 8:00 p.m. Automated service is available 24 hours a day, 7 days a week.

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That if you are a tradesperson (including an apprentice mechanic) you may be able to deduct part of your tool expenses? The tradesperson’s tools deduction provides employed tradespersons with an annual deduction of up to $500 to help cover the cost of new tools necessary to their trade. The deduction to be claimed on the 2007 tax return applies to the total cost of eligible tools in excess of $1,000 acquired by an employed tradesperson during 2007.

For more information on the tradesperson’s tools deduction, visit www.cra.gc.ca/individuals and select “T” from the drop-down menu for “Tradesperson’s tools deduction.”

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The following are now available on the CRA Web site:

Did you know…

That businesses with an eligible apprentice may be able to claim the apprenticeship job creation tax credit? This is a non-refundable tax credit equal to 10% of the eligible salaries and wages payable to eligible apprentices for employment after May 1, 2006. The maximum credit is $2,000 per year for each eligible apprentice.

For more information about the credit, visit cra.gc.ca/individuals and select “A” from the drop-down menu for “Apprenticeship job creation tax credit.”

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The following is now available on the CRA Web site:

Did you know…

That the Government of Ontario has created the Ontario Child Benefit (OCB) to help Ontario families with low or modest incomes to provide for their children? In July 2008, the OCB will provide up to $600 per child per year for each dependent child under the age of 18. It will be delivered monthly with the Canada Child Tax Benefit (CCTB).

If your children are registered for the CCTB, you are automatically enrolled for the OCB, and you do not need to apply. If your children are not registered for the CCTB, you can apply for the OCB by completing Form RC66, Canada Child Benefits Application. You can get a copy of the form by calling the Canada Revenue Agency (CRA) at 1-800-959-2221 or by downloading it from the CRA Web site.

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The following is now available on the CRA Web site:

News release

Ottawa, Ontario, January 23, 2008… Gordon O’Connor, Minister of National Revenue, reminds Canadians that not complying with the tax laws will result in serious consequences.

“Not paying your taxes is against the law,” said Minister O’Connor. “The Canada Revenue Agency works hard to identify and correct non-compliance. This keeps the system fair for the honest Canadians who comply with the tax laws.”

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The following is now available on the CRA Web site:

Did you know…

That February 29, 2008, is the deadline for making a contribution to a registered retirement savings plan (RRSP) for the 2007 tax year? (Not March 1st) With RRSPs, you can start saving now for your retirement, education, or the purchase of a home. To view your RRSP deduction limit and other personal income and benefit information, why not log on to My Account at www.cra.gc.ca/myaccount.

Beginning in 2007, RRSP must mature before the end of the year in which the annuitant turns 71 years of age (previously 69 years of age). Similarly, registered pension plans and deferred profit sharing plans will generally be required to commence the payment of benefits to members by the end of the year in which the members turn 71 years of age.

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

Ottawa, January 21, 2008
2008-005

The Honourable Jim Flaherty, Minister of Finance, today proposed to extend the carry-forward period for unused investment tax credits earned by Canadian businesses in the 1998 to 2005 taxation years to 20 taxation years from 10 taxation years.

Corporations operating in Ontario will benefit from one tax return, one set of tax rules and one point of contact as a result of moving to a single corporate tax administration starting in the 2009 taxation year. However, the requirement for one set of tax rules coupled with the current 10-taxation-year carry-forward period may result in some companies not being able to claim their unused federal investment tax credits, such as those for scientific research and experimental development, as previously planned. Extending the carry-forward period to 20 taxation years will provide some additional opportunity to claim these credits, thereby addressing the fact that Ontario corporations can currently choose different levels of investment tax credits and deductions for federal and Ontario purposes, but will no longer be able to so after 2008.

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The following is now available on the CRA Web site:

Whether you are a hairdresser, a carpenter, a fisherman, a waiter or waitress, or anyone else who earns part or all of your income in cash, you should know that all of your income is taxable.

The Canadian tax system is based on voluntary compliance and you are responsible for declaring all of your income regardless of whether it appears on a T4 slip.

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