News Column

What's New for the 2012 Tax-Filing Season?

Jan 16 2013 12:00AM

Marketwire

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ONTARIO, OTTAWA -- (Marketwire) -- 01/16/13 -- Did you know?

You may be eligible for new or improved tax relief measures and services when filing your 2012 income tax and benefit return.

Important facts

-- Family caregiver amount- If you have a dependant with a physical or mental impairment, you may be able to claim up to an additional $2,000 in the calculation of certain non-refundable tax credits. Go to www.cra.gc.ca/familycaregiver for more information.

-- Medical expenses- Prescribed blood coagulation monitors for individuals who need anti-coagulation therapy are now eligible as medical expenses. Go to www.cra.gc.ca/medical for more information.

-- Investment credit- Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 1, 2013.

Other changes for 2012

-- Employees profit-sharing (EPSP)- You may have to pay a new tax if you are a specified employee and contributions that your employer made to an EPSP and allocated to you for the year are more than the threshold.

-- Canada Pension Plan (CPP) working beneficiaries-- On January 1, 2012, the rules for contributing to the Canada Pension Plan changed. The changes apply to you if you are an employee or self-employed, you are 60 to 70 years of age, and you are receiving a CPP or Quebec Pension Plan retirement pension. For more information, go to www.cra.gc.ca/cpp.

-- The Canada Revenue Agency (CRA) is now offering more options for logging in to My Account, My Business Account, and Represent A Client online services. In addition to the CRA user ID and password, you may now also be able to use your online banking information to log in to these services if you bank with TD Bank Group, Scotiabank and BMO Financial Group. That means one less username and password to remember. For more information about logging in using your banking information or the registration process, go to www.cra.gc.ca/loginservices.

The Canada Revenue Agency's (CRA) online services make filing even easier and getting your refund faster

The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.

Stay connected (www.cra.gc.ca/socialmedia)

To receive updates when new information is added to our Web site, you can:

-- follow the CRA on Twitter - @CanRevAgency;

-- subscribe to a CRA electronic mailing list; and

-- add our RSS feeds to your feed reader.

You can also visit us on YouTube for tax-related videos.



Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184





Source: Marketwire


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