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CTP13_Chapter_04

Tax principles pension income ita 1183 qualifying

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Unformatted text preview: nuities • Amounts Resulting From Death Of Spouse – No CPP, OAS, Or Provincial (QPP) Copyright © 2014, Clarence Byrd Inc. 21 Canadian Tax Principles Canada Employment – ITA 118(10) • 15 percent of the lesser of $1,117 or employment income. • Maximum = $168 Copyright © 2014, Clarence Byrd Inc. 22 Canadian Tax Principles Adoption Expenses – ITA 118.01 • Up to $1,750 [(15%)($11,669)] Copyright © 2014, Clarence Byrd Inc. 23 Canadian Tax Principles Adoption Expenses – ITA 118.01 • • Eligible Child – Has not attained age 18 – Issued adoption order Eligible Expenses – Fees to agency – Court and legal fees – Other reasonable expenses incurred after the adoption file is Other opened (2013 Budget to change the start date) opened Copyright © 2014, Clarence Byrd Inc. 24 Canadian Tax Principles Public Transit Passes – ITA 118.02 • 15% of cost – Individual – Spouse and children under 19 – Qualifying pass • Unlimited travel for 28 days • 5 day passes if they cover 20 out of 28 days • Electronic cards with at least 32 one-way trips. Copyright © 2014, Clarence Byrd Inc. 25 Canadian Tax Principles Child Fitness – ITA 118.03 • 15% of up to $500 of costs – Maximum $75 – Child under 16 – Eligible expenses – Does not include • travel, food, or lodging • child care costs – Additional $75 [(15%)($500)] for child eligible for the Additional disability tax credit disability Copyright © 2014, Clarence Byrd Inc. 26 Canadian Tax Principles Children’s Arts – ITA 118.031 • 15% of up to $500 of costs – Maximum $75 – Child under 16 – Eligible expenses – Does not include • travel, food, or lodging • child care costs – Additional $75 [(15%)($500)] for child eligible for the disability Additional tax credit tax Copyright © 2014, Clarence Byrd Inc. 27 Canadian Tax Principles First Time Home Buyer’s Tax Credit • $750 [(15%)($5,000)] • Can be claimed by individual or spouse • No home purchase in preceding four years Copyright © 2014, Clarence Byrd Inc. 28 Canadian Tax Principles Volunteer Firefighter’s – ITA 118.06 • 15% of $3,000 – Requires 200 hour of volunteer firefighting – Cannot claim if paid for services by same department Copyright © 2014, Clarence Byrd Inc. 29 Canadian Tax Principles Charitable Donations – ITA 118.1 • • General Rules – 15% (1st $200) + 29% Of Excess Super Credit For First-Time Donors – 40% (1st $200) + 54% (next $800) + 29% of additional – One time only – Any year prior to 2018 for 2013 contributions only Copyright © 2014, Clarence Byrd Inc. 30 Canadian Tax Principles Charitable Donations – ITA 118.1 • General Rules – Limit: 75% Of Net Income Limit: (100% in individual’s year of death and preceding year), plus (100% – 25% of taxable capital gains on gifts of capital property 25% (See Chapter 11), plus (See – 25% of recapture on gifts of capital property 25% (See Chapter 11) (See Copyright © 2014, Clarence Byrd Inc. 31 Canadi...
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