Changes Affecting 2013 Tax Returns
March 12, 2014 by

A list of changes that may affect your taxes this year.

Make the 2014 tax season easier on yourself this year. Become informed with the changes that may affect your 2013 tax return, and save yourself some time and money!

Below is a list of changes that could possibly affect your 2013 tax return.

calculation-390319_640

New Changes Affecting 2013 Tax Returns:

  • First-Time Donor’s Super Credit has been introduced.
  • Mineral exploration tax credit has been extended.
  • The period for claiming expenses for the Adoption Expense Tax Credit has been extended.
  • The Tax-Free Savings Account (TFSA) limit has been increased to $5,500.
  • The Family Caregiver Amount (FCA) that may be claimed has been increased to $2,040.
  • Overseas Employment Tax Credit is being phased out.
  • Federal Income Support for Parents of Murdered or Missing Children (PMMC) grant must be declared as income.
  • Safety deposit box deductions are no longer available for corporations as of March 21, 2013.
  • Pooled Registered Pension Plans (PRPP) that are federally regulated are allowed but are not yet operational.

For more information, CBC News explains in detail some of the above changes. You can also visit the Canada Revenue Agency website for their official list of what’s new for 2013 tax returns.

Please do not hesitate to contact us at Winstanley Business Advisors for further advisement.

(Image via Pixabay)