Welcome!

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dividends, and capital gains earned on investments in a TFSA are not taxable---either while held in the account or when withdrawn.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
    payments.
--  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.

Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184

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
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...