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The Canada Revenue Agency today issued a reminder on the federal government’s new pension income splitting tax measure.New tax rules allow eligible taxpayers to allocate up to half of their eligible pension income (income that qualifies for the pension income tax credit) to their lower-earning spouse or common-law partner when filing 2007 income tax returns.To […]
The Canada Revenue Agency announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2008 will be $44,900. That’s up from $43,700 in 2007.The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.Contributors who earn more […]
Tax-sheltered gifting arrangements subjected to audits
Among the items the CRA wants to scrutinize carefully are RRSP contributions and charitable donations
Watchdog’s ability to uphold taxpayer rights depends on who gets appointed
The Canada Revenue Agency has issued a list of frequently asked questions about pension income splitting.It notes that, beginning with 2007 income tax returns, Canadian residents will generally be able to allocate up to one-half of their income that qualifies for the existing pension income tax credit to their spouse (or common-law partner) for income […]
EFILE and NETFILE use up 5.2% from 2006
CRA working to clear backlog