Key TAX changes for 2006
Публикувано на: Вто Фев 13, 2007 7:30 pm
http://www.ufile.ca/TaxNewsAndTips/TaxChangesPromo.asp
Key tax changes for 2006
When you go to prepare your 2006 tax return for this year, you are bound to find some changes whether you are a senior, a student or an employed person.
Basic personal amounts and credits have been indexed as usual but this year new rules are in place and one credit has actually been doubled. So keep your eyes peeled for tax advantages that you may not have been expecting
One example of this is for anyone receiving a registered pension. The pension amount, a non-refundable credit of $1,000 in prior years, has now jumped to $2,000.
The new Canada employment credit, is aimed at covering expenses incurred by all employed persons. No receipts are required. The credit applies just about anyone reporting T4 income as it allows you to claim the lesser of $250 and the total of your (T4) employment income. The credit came into effect in July, 2006 and so is only half of the amount it will be in 2007.
Old public transit passes can become found money if you saved them since July, 2006. If your pass is for a month or longer and you can prove that they were purchased by you, your spouse or a dependant, you may use this non-refundable credit to reduce your taxes.
Students are big winners this year as the education amount has been increased and a credit has been added for textbooks. Also full and part-time students will find their education amounts have increased to $465 and $140 per month respectively.
Scholarship, fellowship and bursary income are now fully exempted from tax. This exemption is limited to amounts received from the school from which the education amount stems.
Keep in mind that the new Universal Child Care Benefit though taxable, should be reported on the return of the partner with the lower income.
These changes and all others including, of course 2006 tax rates and indexed credits have been programmed into your UFile program. Trust UFile’s MaxBack refund analyzer to put them to work for you wherever they apply.
For further information on Canadian tax law changes, please visit the CRA's Web site.
Quebec tax law changes are available here. For further information, please visit the MRQ's Web site.
Key tax changes for 2006
When you go to prepare your 2006 tax return for this year, you are bound to find some changes whether you are a senior, a student or an employed person.
Basic personal amounts and credits have been indexed as usual but this year new rules are in place and one credit has actually been doubled. So keep your eyes peeled for tax advantages that you may not have been expecting
One example of this is for anyone receiving a registered pension. The pension amount, a non-refundable credit of $1,000 in prior years, has now jumped to $2,000.
The new Canada employment credit, is aimed at covering expenses incurred by all employed persons. No receipts are required. The credit applies just about anyone reporting T4 income as it allows you to claim the lesser of $250 and the total of your (T4) employment income. The credit came into effect in July, 2006 and so is only half of the amount it will be in 2007.
Old public transit passes can become found money if you saved them since July, 2006. If your pass is for a month or longer and you can prove that they were purchased by you, your spouse or a dependant, you may use this non-refundable credit to reduce your taxes.
Students are big winners this year as the education amount has been increased and a credit has been added for textbooks. Also full and part-time students will find their education amounts have increased to $465 and $140 per month respectively.
Scholarship, fellowship and bursary income are now fully exempted from tax. This exemption is limited to amounts received from the school from which the education amount stems.
Keep in mind that the new Universal Child Care Benefit though taxable, should be reported on the return of the partner with the lower income.
These changes and all others including, of course 2006 tax rates and indexed credits have been programmed into your UFile program. Trust UFile’s MaxBack refund analyzer to put them to work for you wherever they apply.
For further information on Canadian tax law changes, please visit the CRA's Web site.
Quebec tax law changes are available here. For further information, please visit the MRQ's Web site.
Че те Университетите не дават кой знае колко като сума, далаверата иде от провинциалните и федерални стипендии.