Category: Articles

How can I make a voluntary disclosure? You must send in a written submission to make a voluntary disclosure. Form RC199, Voluntary Disclosures Program (VDP) Taxpayer Agreement, should be used to initiate the disclosure. A copy of this form is available on the CRA’s website at: www.cra.gc.ca.  

What is accepted under the Voluntary Disclosure Program (VDP)? The following are circumstances under which Voluntary Disclosure Program (VDP) relief may be granted:

If you are a non-resident owner of Canadian rental property, your Canadian “payer” (tenant or agent) is required to withhold and remit Part XIII tax, which is 25% of the gross rent, to the Canada Revenue Agency (CRA).

North residents deductions are special tax deductions available to residents who live in remote areas of northern Canada to help with the additional costs of living in those areas.

The Canada Plan Plan (CPP) or Quebec Pension Plan (QPP) death benefit is a one-time, lump-sum payment made to the estate upon the death of a contributor. If you received this amount and you are a beneficiary of the deceased person’s estate, you can choose to to include it on line 114 of your own…

When an employee dies and employer makes a payment to the surviving spouse or common-law partner or other beneficiary in recognition of the deceased’s employment service, the first $10,000 of this amount is generally a tax-free death benefit.

In 2012, the full caregiver amount is $4,402 providing you with a maximum tax credit of $660.30 (15% of $4,402). 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 tax return) excess of $15,033. It expires where the dependant’s income is…

To qualify you for caregiver amount, you dependant must be one of the following individuals:

The late-filing penalty for certain information returns (slips) is the greater of $100 or a penalty determined as follows:

To be eligible for children’s arts amount, the child must have been under age 16 (under 18 if the child is eligible for disability tax credit) at the beginning the year in which an eligible arts expense was paid.