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November 2007

On October 30, 2007, the Government of Canada announced in its Economic Statement that it proposes to amend the Excise Act, 2001, by imposing a tax on certain excise duty-paid tobacco products held in inventory at the beginning of the day on January 1, 2008.

This notice provides additional information on this proposed amendment. Any commentary in this notice should not be taken as a statement by the Canada Revenue Agency that these amendments will be enacted in their current form.

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The following is now available on the CRA Web site:

Did you know…

Starting in 2007, you may be able to claim the fees paid for physical fitness programs for your children under the age of 16? The newly proposed children’s fitness tax credit provides parents with an annual credit of up to $500 per child to help cover the cost of their child’s physical fitness programs or sporting activities fees.

For more information on this tax credit for 2007, visit www.cra-arc.gc.ca/whatsnew/fitness-e.html.

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The following is now available on the CRA Web site:

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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 www.cra-arc.gc.ca/whatsnew/apprenticeship-e.html

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The following is now available on the CRA Web site..

Did you know…
That you can claim, as a non-refundable tax credit, medical expenses for yourself, your spouse or common-law partner, and your children born in 1989 or later? For 2006, the total expenses have to be more than 3% of your net income, or $1,884, whichever is less. You may also be able to claim medical expenses for the following persons if they depend on you for support:

you or your spouse or common-law partner’s child or grandchild who was born in 1988 or earlier; and
you or your spouse or common-law partner’s parent or certain close relatives who lived in Canada at any time in the year.

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The following is now available on the CRA Web site:

Tax Tip: The age amount has increased ..

Did you know…

That as of January 1, 2006, the age amount maximum increased from $4,066 to $5,066? If you were 65 or older on December 31, 2006, and your net income was less than $64,043, you can claim the age amount. You may also be able to transfer unused portions of the age amount to your spouse or common-law partner.

For more information, visit our Web site at www.cra.gc.ca.

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The following Notice of Tax Treaty Developments has just been posted on the Finance Canada Site.

January 17, 2007

The Convention between Canada and Finland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income entered into force on January 17, 2007. The Convention was signed on July 20, 2006. In accordance with Article 27 of the Convention, its provisions have effect, in respect of withholding taxes, on amounts paid or credited to non-residents on or after January 1, 2006; and in respect of other taxes, for taxation years beginning on or after January 1, 2006.

The Convention replaces the tax treaty signed in 1990 between Canada and Finland.

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The following Notice of Tax Treaty Developments has just been posted on the Finance Canada Site.

January 9, 2007

The Convention between Canada and the Republic of Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income entered into force on December 18, 2006. The Convention was signed on September 5, 2006. In accordance with Article 28 of the Convention, its provisions have effect, in respect of withholding taxes, on amounts paid or credited to non-residents on or after January 1, 2007; and in respect of other taxes, for taxation years beginning on or after January 1, 2007.

The Convention replaces the tax treaty signed in 1978 between Canada and Korea.

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The following is now available on the CRA Web site:

Ottawa, Ontario, January 5, 2007…
The Canada Revenue Agency (CRA) wishes to inform parents and organizations providing eligible physical activity programs that additional information about the proposed Children’s Fitness Tax Credit is now available online at www.cra.gc.ca/fitness.

“I am pleased to be working in partnership with my Cabinet colleague, the Honourable Jim Flaherty, to make this tax credit available to parents across the country, said National Revenue Minister Carol Skelton. The CRA is working to make sure parents and organizations providing eligible programs of physical activity have the information they need to ensure this tax credit supports as many children as possible in their fitness activities.”

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

Ottawa, December 28, 2006
2006-090

The Honourable Jim Flaherty, Minister of Finance, today proposed an amendment to the Excise Tax Act to exempt the services of midwives throughout Canada from the goods and services tax (GST) and the harmonized sales tax (HST).

“By taking this action today, we are supporting the midwifery profession and making this birthing option more affordable for women throughout Canada,” said Minister Flaherty.

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

Ottawa, December 22, 2006
2006-088

Canadian families, students, workers and seniors will be able to keep more of their hard-earned money in 2006 and 2007. Canada’s New Government is providing substantial and immediate tax relief in every way the government collects taxes.

“Within the first 100 days of taking office, our government moved swiftly to lower taxes in order to create the right conditions and opportunities for families and businesses to be successful,” said Minister Flaherty. “While we have made great strides, Canadians still pay too much tax, and our government will continue to look at new ways to ease the tax burden and create a real Canadian tax advantage.”

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