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First-Time Donor’s Super Credit (FDSC)

|| October 12, 2013

The Federal 2013 Budget introduced a temporary FDSC available to an individual for monetary donations up to $1,000. Eligibility: An individual will be considered a first-time donor if neither the individual nor the individual’s spouse or common-law partner has claimed the charitable donations in any of the FIVE preceding tax year. When can it

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Donation Tax Calculator

|| October 2, 2013

For the taxpayers’ convenience, Canada Revenue Agency has published a charitable donation tax credit calculator. This calculator lets you estimate the tax credit amount available for the eligible donations that can be claimed on the income tax and benefit return for any particular year. The calculator requires the following

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Tax Free Saving Accounts (TFSA) – Tax Impact on Over-Contribution:

|| June 1, 2013

In a September 1, 2012 Metro News article, it was noted that 76,000 Canadians in 2012 (103,000 in 2011) received a letter from Canada Revenue Agency (CRA) regarding over-contribution to TFSAs. This letter also included a request for tax payment. About 15,000 of these were repetitive Canadians from 2011. It was noted

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Universal Child Care Benefit Payments

|| December 2, 2012

The Universal Child Care Benefit payments are scheduled to be issued on November 18, 2011. If you are the recipient and do not receive your payment by December 2, 2011, you may want to contact CRA at 1-800-387-1193.

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