News Feed Item

Tax Tip/It's Tax Time and we Have Valuable Information for you

OTTAWA, ONTARIO -- (Marketwired) -- 02/04/14 -- Did you know?

The Canada Revenue Agency (CRA) is here to help you during tax season. Here's some information you should know about your taxes, including ways to save money at tax time.

For individuals

1. Plan ahead - Register for My Account and sign up for direct deposit, so you'll be ready when you file your income tax and benefit return. You can use My Account to view your tax slip information, your RRSP deduction limit, your TFSA contributions, and more. Also, be sure to file on time to avoid late-filing penalties and fees and to make sure your benefit and credit payments are not interrupted.

2. Tax-free savings account (TFSA) - Using a TFSA is a great way to save money. Generally, interest, dividends, and capital gains earned on investments in a TFSA are not taxable---either while held in the account or when withdrawn.

3. Registered retirement savings plan (RRSP) - You can save on your taxes and save for your retirement at the same time. Contributions to your RRSP are tax-deductible, and any income that you earn in your RRSP accumulates tax-free as long as the funds stay in the plan. The RRSP contribution deadline for the 2013 tax year has been extended to Monday, March 3, 2014, as March 1 falls on a Saturday.

4. Charitable donations - Donations of cash, goods, land, or listed securities made to a registered charity or other qualified donee may be eligible for a charitable tax credit. Also, take advantage of the new first-time donor's super credit on gifts of money to a maximum of $1,000 made after March 20, 2013, if you are considered a first-time donor.

5. Families - There are many ways families can save at tax time. The activities you signed your kids up for may save you money on your taxes---save those receipts! If you care for dependants with a physical or mental impairment, you may be able to claim up to an additional amount of $2,040 when calculating certain non-refundable tax credits related to the family caregiver amount.

6. Students - Were you a student during 2013? You may be able to claim tuition, textbook, and education amounts, as well as the interest you paid on your student loan.

7. Public transit amount - If you use public transit, you may be able to save by claiming the cost of your transit passes.

8. Seniors - If you receive a pension, you may be able to split up to 50% of your eligible pension income with your spouse or common-law partner to reduce the taxes that you pay. You may also be eligible to claim the age amount, medical expenses, and the disability tax credit.

9. Home buyers - You may be able to save up to $750 if you are a first-time home buyer in 2013.

10. Community Volunteer Income Tax Program (CVITP) - If you need help filing your return and you have modest income and a simple tax situation, contact the CVITP, which runs volunteer tax clinics across the country. For more information on the CVITP, go to www.cra.gc.ca/volunteer.

Fast facts about filing your income tax return online

--  Filing your return online lets you get your refund faster and avoids
    interruptions to your Canada child tax benefit or GST/HST credit
--  Filing online is easy. Certified software packages and web applications
    (some of which are free to use) guide you through the process, making
    sure you don't miss out on credits and benefits you may be eligible for.
--  Filing online is secure. The CRA uses the same high level of online
    security Canadian financial institutions use.
--  Go to www.cra.gc.ca/getready and let us walk you through the process
    step by step.

Stay connected

To receive updates when new information is added to our website, you can:

-- Follow the CRA on Twitter - @CanRevAgency.

-- Subscribe to a CRA electronic mailing list.

-- Add our RSS feeds to your feed reader.

You can also watch our tax-related videos on YouTube.

Noel Carisse
Media Relations
Canada Revenue Agency

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...