Family Tax Cut
Allows a higher income spouse to effectively transfer up to $50,000 of taxable income to a spouse in a lower income tax bracket. This results in a maximum non-refundable credit of $2,000. To be eligible for this credit, both spouses must file tax returns and must have a child under 18 years of age living with at least one of the eligible spouses. Either spouse may claim the credit in their return, but the credit cannot be split. This credit is being repealed.
Fitness Tax Credit
Expenses eligible for this credit doubled from $500 to $1,000 per child ($1,000*15%=$150). An additional $500 is still available for a child with a disability, but only if the total eligible fitness costs are $100 or more.
Safety Deposit Box Deduction
It is no longer possible to claim a deduction for safety deposit boxes.
Individuals no longer need to apply for GST/HST credits in their tax returns. The qualification is automatically determined by CRA.
Disclaimer: Articles are for general information only and do not constitute tax advice. They cannot be relied upon.
Sam Faris is a Toronto-based Chartered Professional Accountant who practices as an independent consultant on high-level Canadian tax matters and handles disputes with CRA. He has recently published an article a business magazine: HERE.