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New for 2009
- Personal Amount
The basic personal amount has increased to $10,320.00.
- Age amount for persons 65 years of age or older
The maximum amount has increased to $6,408.
- Registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs)
If an unmatured RRSP or RRIF of a deceased person decreases in value after the person's death, and the final payment from that RRSP or RRIF is made after 2008, a deduction may be claimed on the final return of the deceased person for the decrease in value.
- Home Renovation Tax Credit
If you are a homeowner, you may be able to claim this new non-refundable tax credit of up to $1,350 based on eligible expenses incurred for work performed or goods acquired after January 27, 2009, and before February 1, 2010, in respect of a renovation or alteration to an eligible dwelling. The credit applies to expenses of more than $1,000, but not more than $10,000.
- First-Time Home Buyers' Tax Credit
If you are a first-time homebuyer, a person with a disability, or an individual buying a home on behalf of a related person with a disability, you may be able to claim this new non-refundable tax credit of up to $750 for the acquisition of a qualifying home after January 27, 2009 (closing after this date).
- Home Buyers' Plan (HBP)
As of January 27, 2009, the maximum amount you can withdraw from a registered retirement savings plan under the HBP has increased to $25,000.
- New payment option
If you have access to online banking at a participating financial institution, you can make payments to the Canada Revenue Agency (CRA) online using the My Payment option.
- Working Income Tax Benefit (WITB)
Tax relief provided by increased funding to the WITB has been enriched for 2009.
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