In 2013, the full amount for infirm dependants age 18 or older is $6,530, which includes the $2,040 family caregiver amount, providing you with a maximum tax credit of $979.50 (15% of $6,530). The credit is a non-refundable tax credit. The amount is reduced dollar by dollar by your dependant’s net income (line 236 of his or her…
Month: January 2014
How much amount for an infirm dependant aged 18 or older you can claim on line 306 for 2012
In 2012, the full amount for infirm dependants age 18 or older is $6,402, which includes the $2,000 family caregiver amount, providing you with a maximum tax credit of $960.30 (15% of $6,402). The credit is a non-refundable tax credit. The amount is reduced dollar by dollar by your dependant’s net income (line 236 of his or her…
What are carrying charges and interests deductible on line 221
Certain carrying charges and interests you paid to earning investment income can be deducted on line 221. The deductible carrying charges and interests include:
Changes to the deduction for safety deposit boxes
If you incur certain expenses (called carrying charges) to earn investment income, the charges are tax deductible. They are claimed on line 221 of your tax return. The cost of renting a safety deposit box used to be tax deductible carrying charge. But the deduction for safety deposit boxes was no longer allowed for taxation…
What is Form T1135 Foreign Income Verification Statement
Form T1135 Foreign Income Verification Statement must be filed by any Canadian resident who, at any time during the year, owned specified foreign property with a total cost in excess of $100,000. Form T1135 must also be filed by corporations and trusts resident in Canada and partnerships whose non-resident members’ share of income or loss…