Tax News Updates - Highlights
Canadian Families Benefitting from Harper Government's Low-Tax Plan (CRA)
Canadian families are benefitting from the Harper Government's low-tax plan. The average tax refund for the 2012 tax year is approximately $1,620 and the average family of four now saves more than $3,200 annually in taxes. "Our Government is committed to a low-tax plan that supports hardworking Canadian families," said Minister Shea.
100 Days of Progress: Ontario Government Creating Jobs, Growing Economy and Helping People in Their Everyday Lives (Ontario)
After 100 days in office, the Ontario government has introduced real, positive change across the province. Premier Wynne and her cabinet team outlined plans in the Budget to provide tax relief to small businesses to help them create more jobs by increasing their Employer Health Tax exemption.
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RC4476-MB E: Birth Registration and Canada Child Benefits (CRA)
Tax & Estate Planning Centre - The Canada Revenue Agency (CRA) and the Manitoba Vital Statistics Agency are partnering to offer a new, quick, easy, and secure way to apply for all child benefit programs for your newborn. This includes the Canada Child Tax Benefit (CCTB), the Universal Child Care Benefit (UCCB), the GST/HST credit, and any related provincial/territorial programs the CRA administers.
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RDSP Bulletin No. 2R1 (CRA)
Tax & Estate Planning Centre - This bulletin is the second in a series published by the Registered Plans Directorate. It will discuss issues that arise from time to time regarding the administration of registered disability savings plans (RDSP) and the Income Tax Act. This publication is intended primarily for use by RDSP issuers. This second bulletin is updated to include changes to the specified disability savings plan (SDSP) rules under subsection 146.4(1.2) of the Act as introduced in Bill C-45. It also describes changes to section 146.4 of the Act as introduced in Bill C-3 and provides information on administrative requirements for an RDSP to be designated an SDSP.
RDSP Bulletin No. 4 (CRA)
Tax & Estate Planning Centre - This bulletin is the fourth in a series published by the Registered Plans Directorate. The series discusses issues that arise from time to time about the administration of registered disability savings plans (RDSP) and the Income Tax Act. This publication is intended mainly for use by RDSP issuers. This fourth bulletin describes changes to section 146.4 of the Act as introduced in Bill C-45. It explains changes made to the law to allow the rollover of registered education savings plan (RESP) funds into an RDSP. It describes changes made to the maximum withdrawal limits and minimum withdrawal requirements. It includes information for extending the lifetime of an RDSP when the beneficiary is not DTC-eligible. It highlights changes made to the time limits for submitting a DSP for registration and for closing a plan after a transfer takes place. It summarizes the change in legislation that reduces the issuer's obligation of providing plan information to another issuer upon a plan transfer. This bulletin also includes information for amending specimen plans to allow for these changes and, when applicable, describes the administrative requirements of an issuer to carry out these changes.
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