| How quickly the April 30 tax deadline comes around. | | | | low interest rates and this new tax credit, the first half |
| With only a few days left to file, some last minute | | | | of 2010 may be a good time to consider buying a |
| Canadians will be scrambling to find receipts, | | | | home if you're in the market. |
| documents and a list of the 2009 tax credit changes. In | | | | You can also now claim a home renovation tax credit, |
| the event you've not yet found such a list, here it is. | | | | which can provide you with up to $1,350 back in your |
| These are the key tax changes for 2009. | | | | pocket. To qualify for The Home Renovation Tax |
| When it comes to your employment, Canada | | | | Credit, renovations on your cottage or home had to be |
| Revenue Agency changed its policy on loyalty | | | | completed by February 1, 2010 and will qualify you for |
| programs during 2009. The old rules stipulated that | | | | a refund as long as the cost was between $1,000 and |
| employees were to be taxed on any 'benefits' such as | | | | $10,000. |
| employee-earned frequent flyer points through | | | | Being environmentally green definitely has many perks, |
| company credit cards or any other sort of company | | | | and now, the Canadian government is offering cash |
| loyalty points. This is no longer the case. As long as | | | | back to homeowners who update certain aspects of |
| such points are not converted to cash. Also, if you | | | | their homes to be more environmentally friendly and |
| drive a company vehicle, CRA will now provide a tax | | | | green. These eco-friendly renovations come in the |
| relief as long as your employer requires you to use the | | | | form of grants and can vary in amounts depending on |
| vehicle for business only whereas before, employees | | | | the renovations and upgrades you are having done. |
| who used employer provided vehicles usually faced a | | | | You can check out the complete list and details at |
| taxable benefit on the personal portion of the vehicle | | | | This is now our second year with tax-free savings |
| usage. | | | | accounts in Canada, also referred to as TFSAs. If |
| The Federal Government introduced a First-Time | | | | you're able to, make a contribution in early 2010 as you |
| Home Buyer's Tax Credit that is worth up to $750. To | | | | will be allowed to contribute $10,000 - if you did not |
| qualify for this credit, your home must have been | | | | contribute anything in 2009. The TFSA accounts allow |
| purchased after January 1, 2009. With the continued | | | | a tax-free contribution of $5,000 per year. |