2011 New Personal Tax Credits and Deductions in Canada Watch Video
Allan Madan, CPA, CA
Hi, my name in Allan Madan; I’m a chartered accountant and tax expert Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
Hi Allan,
Just how relevant are these deductions for the 2013 taxation year? Any new tax refunds and changes I should be aware of? thanks.
Hi Charles,
Yes these deductions are still applicable for the 2013 taxation year. One new tax you should be aware about is the first-time donor’s super credit. This tax is meant to supplement the existing charitable donations tax credit by adding 25% to the existing rates for first time donors. As a result, you will be allowed a 40% federal credit for donations of $200 or less, and a 54% federal credit for the portion of donations over $200 but not exceeding $1000.
Please check our youtube channel in the near future as well will have a new video discussing this very topic.
Best Regards,
Allan Madan and Team
Does first-time donor refer specially as ‘first time donor’s or is it dependent on donations within a certain time period? If I donated once 15 years ago, would I still be eligible for this credit?
Hi Thompson,
For the purpose of the Super Credit, a person is a first-time donor if:
1. they have never claimed the charitable tax credit;
2. their spouse has never claimed the charitable tax credit;
3. they have claimed the charitable tax credit, but only in 2007 or before;
4. their spouse has claimed the charitable tax credit, but only in 2007 or before.
So in your case, as long as your spouse has not claimed the charitable tax credit then you will be eligible since you have donated prior to 2007.
Best Regards,
Allan Madan and Team
What if my wife had claimed the CDTC within this period but now we are legally separated, would I still be eligible in this situation?
Hi Cruz,
This tax credit is aimed at limiting one per household, since your wife is no longer legally part of the household then her usage would have no bearing on your eligibility.
Best Regards,
Allan Madan and Team
Hi Allan, I am an international student and therefore a non-resident of Canada. Since I pay taxes, would I be able to claim the textbook and tuition credit?
Hi J.J,
If you have paid tuition and school related fees, and you file a personal tax return, you should be eligible for those credits.
Best Regards,
Allan Madan and Team
If I don’t use all of my education and tuition deductions, can I transfer them to my parents?
Hi Mahmoud,
Yes you can transfer any unused amount once your tax payable is reduced to zero to your parents, grandparents, and spouse. You can transfer up to $5,000 federally, and an additional $5,000 provincially ($5,914 for Ontario residents) to one person.
Best Regards,
Allan Madan and Team
Are refugee families with children eligible for child benefits and credits?
Hi Timothy,
Yes, sponsored refugee families with children are eligible for a child tax benefit when they get to Canada. Refugees should apply as soon as they arrive in Canada. It may take up to two months to process the application.
Best Regards,
Allan Madan and Team
My university asked me to pay a fee for my Sociology exam because I deferred it. Can I claim that?
Hello Jenna,
Thank you for your question.
As an university student you can claim your tuition, costs of living if relevant to your education and textbooks. However, you cannot claim a specific exam fee during university. You can only claim exam fees if there is a designation involved. Hope that helps!
Best Regards,
Mandanca Team