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2014 Tax News!!

Below the major upcoming some changes effective for the 2014 tax return!

  • When you register for online mail, the CRA will no longer mail notices to you. Instead, you will receive an email notification that there is mail for you to view on the MY Account on line service

  • You or your spouse/common law partner may be able to claim a non refundable tax credit of up to $2,000, if your child ordinarily lived with you (some conditions applied)

  • Lifetime capital gains exemption for dispositions of qualified small business corporation has increased to $800,000 for the lifetime

  • Adoption expenses eligible for each child has increased to $15,000

  • Children’s fitness amount has increased to $1,000

  • GST/HST credit no longer to apply. When you file your tax return, the CRA will determine your eligibility

  • The rules for the $1,000 exemption for emergency services volunteers have changed

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