OTTAWA – Money News – As the end of the year approaches, The Canada Revenue Agency is offering some tax planning tips. The information for your 2013 income tax return will be available as of January 3, 2014.
There are several ways that the CRA says you can save on your taxes for 2013.
Tax Tips from Canada Revenue Agency
You may be eligible for new or improved tax relief measures and services when filing your 2013 income tax and benefit return.
– First-time donor’s super credit – This new credit for first-time donors gives an extra 25% credit for cash donations when you claim your charitable donations tax credit. This means you can get a 40% federal credit for up to $200 in donations and a 54% credit for the part of donations that is over $200 but not more than $1,000. This is in addition to the provincial credit. For more information, go towww.cra.gc.ca/fdsc.
– Family caregiver amount – If you have a dependant with an impairment in physical or mental functions, the additional amount you may be able to claim has increased to $2,040 when calculating certain non-refundable tax credits. For more information, go towww.cra.gc.ca/familycaregiver.
– Pooled registered pension plan (PRPP) – The PRPP is a new retirement savings option for individuals, including those who are self-employed. For more information, go to www.cra.gc.ca/prpp.
– Adoption expenses – The period to claim adoption expenses has been extended for adoptions finalized in 2013 and later years.
– Investment tax credit – Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 1, 2014.
– Tax-free savings account (TFSA) – The annual TFSA dollar limit increased to $5,500 on January 1, 2013, for the 2013 contribution year, and remains at that amount for the 2014 contribution year.
Canada Revenue Agency (CRA) online services make filing easier and let you get your refund faster
The CRA’s online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund, and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money in your pocket faster. For more information, go to www.cra.gc.ca/getready.
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.