Claim under ita 118b c1 or d making copyright 2014

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Unformatted text preview: care costs deducted; • Amounts deducted under the disability supports deduction; and • Attendant care amounts claimed for the medical expense tax credit Copyright © 2014, Clarence Byrd Inc. 41 Canadian Tax Principles Tuition Credit - ITA 118.5 • Tuition – 15% Of Actual – Post-Secondary – Cost > $100 – No Upper Limit Copyright © 2014, Clarence Byrd Inc. 42 Canadian Tax Principles Tuition Credit - ITA 118.5 • Tuition – Includes all ancillary if mandatory – Includes $250 of ancillary fees if not mandatory – Includes examination fees – Unlimited carry forward by student Copyright © 2014, Clarence Byrd Inc. 43 Canadian Tax Principles Education Credit – 118.6(2) • Education – 15% of $400 per month of Full Time attendance ($60) – 15% of $120 per month of Part Time attendance ($18) – Unlimited carry forward by student Copyright © 2014, Clarence Byrd Inc. 44 Canadian Tax Principles Textbook Credit • Available for each month of education credit eligibility: – Full time attendance = $10 [(15%)($65)] – Part time attendance = $3 [(15%)($20)] Copyright © 2014, Clarence Byrd Inc. 45 Canadian Tax Principles Interest on Student Loans • Interest On Student Loans – 15% Of Amounts Paid – Loans Under The Canada Student Loans Act, the Canada Loans Canada the Student Financial Assistance Act, Or A Provincial Statute Student Copyright © 2014, Clarence Byrd Inc. 46 Canadian Tax Principles CPP And EI - ITA 118.7 • • 15% Of Actual Payments Maximums For 2013 – EI = [(1.88%)($47,400)] = $891 15% of $891 = $134 15% – CPP = [(4.95%)($51,100 - $3,500)] = $2,356 15% of $2,356 = $353 Copyright © 2014, Clarence Byrd Inc. 47 Canadian Tax Principles Transfer Of Credits • Spouse - ITA 118.8 – Eligible • Child tax credit • Age • Pension • Disability • Current year tuition, education, and textbook Current – After Personal, CPP, EI, credits under 118.01 through 118.06 After Used Used Copyright © 2014, Clarence Byrd Inc. 48 Canadian Tax Principles Transfer Of Credits • Tuition/Education/Textbook - ITA 118.9 – N/A If Student’s Spouse Claims Credit – Unused Amount After Personal, CPP, EI, And Disability – To Parent Or Grandparent – Max = 15%($5,000) Max = $750 $750 – Carry Forward By Student If Unused Copyright © 2014, Clarence Byrd Inc. 49 Canadian Tax Principles Political Contributions • • • 3/4 First $400 1/2 Next $350 1/3 Next $525 • Max = $650 For $1,275 • Not Allowed For Corporations Copyright © 2014, Clarence Byrd Inc. 50 Canadian Tax Principles Political Contributions • Federal Accountability Act – Individuals limited to $1,100 for • registered party • candidate or leadership contestant • nomination contestant – Corporations • Totally banned Copyright © 2014, Clarence Byrd Inc. 51 Canadian Tax Principles Labour Sponsored Funds • 15 Percent Of Cost – In 2015 goes to 10 percent – In 2016 goes to 5 percent – After 2016 = Nil • • First Registered Holder Ma...
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This note was uploaded on 09/19/2013 for the course COMM 355 taught by Professor Trancheung during the Fall '10 term at The University of British Columbia.

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