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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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Canada Revenue Agency announces maximum pensionable earnings for 2013

|| November 1, 2012

On November 1, 2012, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2013. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $51,100 in 2013 are notrequired or permitted to make additional contributions to the CPP.

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