Eligibility of children’s fitness amount

To be eligible for children’s fitness amount, the child must have been under age 16 (under age 18 if the child is eligible for the disability tax credit) at the beginning the year in which an eligible fitness expense was paid. Activity Substantially all the activities must include a significant amount of physical activity that contributes…

Eligibility of family caregiver tax credit

To be eligible the family caregiver amount (FCA), the dependant with the impairment must be: an individual 18 years of age or older and dependent on you because of an impairment in physical or mental functions; or a child under 18 years of age, with an impairment in physical or mental functions. The impairment must be…

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…

What is first-time donor’s super credit (FDSC)

The first-time donor’s super credit (FDSC) was introduced by the federal government in its Budget 2013. It is a temporary supplement to the existing non-refundable tax credit for charitable donations. It adds 25 percentage points to the federal charitable donation tax credit (CDTC) for eligible donors. FDSC can be claimed once between the 2013 and…

Changes to CPP rates and maximum

The maximum pensionable earnings under the Canada Pension Plan (CPP) will increase $1,300 to $54,900 in 2016 from $53,600 in 2015. The Canada Pension Plan (CPP) rate (4.95%) and exemption ($3,500) remains the same in 2015. The maximum employee and employer contribution to the pan for 2016 will be $2,544.30 – up from $2,479.95 in…