In the Maréchaux case, the Federal Court of Appeal upheld the Tax Court of Canada (TCC) decision that there was no gift given as a result of the defendant's participation in a leveraged cash donation scheme. The CRA audits gifting arrangement tax shelters that provide donation receipts three or four times the out-of-pocket cost.ĭecisions in recent court cases have concluded that the "donation" made by the taxpayer was not a gift or, where it was a gift, the amount did not exceed the out-of-pocket cost to the taxpayer. For most claims, the CRA has denied the gift entirely. The tax alert continues its warning stating: To date the CRA has denied over $4.5 billion in tax shelter gifting arrangement donations and reassessed over 130,000 taxpayers who have made donation claims through a gifting scheme. The Canada Revenue Agency (CRA) continues to warn Canadians against these gifting arrangements and audits those who participate." Warning: If you donate to a gifting tax shelter, expect to be auditedĪccording to a new Tax Alert published by the Canada Revenue Agency, "each year, Canadian taxpayers participate in gifting arrangements that result in donation receipts worth three or four times the actual amount donated by the taxpayer.
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Hiring an apprentice - Did your business employ an apprentice? A salary paid to an employee registered in a prescribed trade in the first two years of his or her apprenticeship contract qualifies for a non-refundable tax credit for the employer.įor the full post please visit the CRA web site. Home buyer's tax credit - If you're a first-time home buyer you may be eligible to claim $5,000 on the purchase of your new home, which can save you up to $750.ġ0. Child care expenses - If you have children, you may be able to claim child care expenses that you or your spouse or common-law partner paid so that either of you could work, do research, or go to school.ĩ. Have you graduated recently? You may be eligible to claim the interest that you paid on your student loans.Ĩ. Students - Are you still in school? Students can claim the tuition, education, and textbook amounts. Pension income splitting - If you receive income from a pension, you can split up to 50% of eligible pension income with your spouse or common-law partner to reduce the taxes that you pay.ħ. Public transit tax credit - If you or someone in your family is a regular user of public transit, then you may be able to claim a non-refundable tax credit based on the cost of eligible transit passes.Ħ. RRSPs help you save for your retirement and give you a break at tax time too.ĥ. Registered retirement savings plan - Any income that you earn in a registered retirement savings plan (RRSP) is exempt from tax, as long as the funds stay in the plan. Tax-free savings account - A tax-free savings account (TFSA) is one great way to save money since you don't pay tax on any income you earn from investments in your TFSA.Ĥ. Families - Save those receipts! All the activities you have been paying for throughout the year (piano, karate, tutoring, hockey, and more) may save you money at tax time.ģ.
Submitting your income tax and benefit return before the tax-filing deadline means you can avoid having to pay late-filing penalties.Ģ. Plan ahead - Register for My Account, gather your receipts and NETFILE access code, and sign up for direct deposit before April 30. The Canada Revenue Agency (CRA) can help you learn more about the various credits and deductions that you may be entitled to and that can save you money when you file your 2011 income tax and benefit return.ġ. There are a number of ways to reduce the amount of tax you owe and keep more money in your pocket at tax time. Now available on the Canada Revenue Agency website: Tax Tip: Top 10 ways to reduce your tax bill
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