According to the latest news released by the Canada Revenue Agency on December 8, we have summarized the new adjustments for 2014 income tax reporting for our Canadian immigration friends as follows:
1. Increase in the Children's fitness amount. The tax credit for sports for each child under 16 has increased from the previous $500 per person to $1,000 per person.
2. Search and rescue volunteer amount: Volunteers can claim a tax credit of up to $3,000.
3. Family Tax Cut: Starting from the 2014 tax year, families with eligible children under 18 can receive a tax reduction of up to $2,000.
4. Universal Child Care Benefit (UCCB): Effective January 1, 2015, the child care benefit for children under 6 will increase from $100 to $160 per month, and children aged 6-17 will receive a monthly benefit of $60. This subsidy takes effect on January 1, 2015, with payments starting in July 2015.
5. Emergency Services volunteers: The $1,000 tax exemption policy has been modified.
6. Adoption Expenses: The deductible adoption expense limit per child has been increased to $15,000.
7. Medical Expenses: Certain disability tax credit costs paid as wages, or costs incurred to help manage severe diabetes services, can now be claimed as medical expenses for tax purposes.
8. Investment Tax Credit: The mineral exploration tax credit policy has been extended, and flow-through share agreements reached before April 2015 will also be eligible for tax credits.
9. GST/HST Credit: Individuals no longer need to apply for the GST/HST credit separately. When filing a tax return, the Canada Revenue Agency will determine eligibility based on the reported income. If you have a spouse, only one of you can receive the GST/HST credit; the credit will be paid to the person whose return is assessed first, and the amount remains unchanged.
Finally, it should be noted that if taxpayers register for online services, they can access their tax record system anytime, anywhere.
Starting in February 2015, the Canada Revenue Agency (CRA) will launch a mobile application (APP) for individual taxpayers.