Here is a friendly reminder from CRA……. and remember, the CRA will NOT be asking for information via email.

http://www.cra-arc.gc.ca/nwsrm/rlss/2012/m03/nr120305-eng.html

 

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2012 Federal Budget


March 13th, 2012

Mark the date on your calendars……..March 29, 2012.

This is the date the Conservative government releases its 2012 federal budget.  What is a federal budget?  To a tax person, a large part of the budget is the government’s announcements on what type of new tax changes are coming.  This is when most new tax policies are announced, so it’s always interesting to see what direction the tax world is headed.

Most large news outlets have some fairly decent coverage on budget day, but if you want the details, head over to www.fin.gc.ca.  I’ll try to post some of the more interesting tid-bits as well, provided there is anything new worth talking about!

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I’ve written about this tax credit before, but it’s definitely worth talking about again.  The Nova Scotia Graduate Retention Rebate is worth from $7,500 to $15,000 in actual tax savings, over a 6 year span.

If you are a recent college or university graduate, and you are living in Nova Scotia, be sure to check this one out.

http://www.gov.ns.ca/finance/en/home/taxation/personalincometax/grr.aspx

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This is a reminder for Nova Scotia seniors, who are receiving the Old Age Security Guaranteed Income Supplement (GIS).

Tax Refund for Seniors receiving Guaranteed Income Supplement (GIS)

In the 2010-11 provincial budget, the Minister of Finance committed to a new program to help low income seniors make ends meet. The program provides a refund of the provincial income taxes paid by seniors who receive the Guaranteed Income Supplement (GIS).

In total, about $9 million will be returned to about 18,000 seniors this year.

The Department of Finance used information from 2010 tax returns to assess eligibility and process the refund. The program is in accordance with new regulations under the Income Tax Act.

Seniors do not have to apply for this refund, but they must file their tax return each year.

Individuals who did not file a return in this taxation year, but who are eligible, can still receive the refund when they file their tax return.

If you have questions about this tax refund, please call 1-800-670-4357.

http://www.gov.ns.ca/finance/en/home/taxation/personalincometax/seniorsgis.aspx

If you are a senior who currently received the base Old Age Security pension, you may be entitled to the GIS.  You can check by going to the this link.

http://www.servicecanada.gc.ca/eng/isp/oas/tabrates/tabmain.shtml

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