Canada Pension Plan (CPP) working beneficiaries contributions – (line 308) – As of January 1, 2012, the rules for contributing to the CPP 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 our Changes to the Canada Pension Plan (CPP). To find out how the changes may affect your CPP benefits, go to Service Canada, Changes to the Canada Pension Plan (CPP).
You can deduct expenses for buying and using a power saw (including a chain saw or tree trimmer) if you meet all of the following conditions:
- You work in forestry operations
- You use the power saw to earn your employment income.
- You had to pay for them under your contract of employment and your employer will not be reimbursing you.
You can deduct the cost of a power saw in the year you buy it. However, you have to subtract from the purchase price of the new power saw the value of any trade-in or any amount you received from the sale of any power saw during the year.
When you file your return, attach a statement that breaks down the cost of running the power saw. Also, keep with your records a copy of Form T2200, Declaration of Conditions of Employment that has been completed and signed by your employer.
Expenses to operate a power saw include any GST and provincial sales tax, or HST, you paid. You may be able to get a rebate of the GST/HST you paid.
You cannot deduct expenses for traveling from your home to a place where you are required to report to work on a regular basis. These expenses are personal. For example, you cannot deduct expenses for traveling from your home to a forest camp or to a cutting site if you go to that place on a regular basis. However, the motor vehicle expenses for traveling from a forest camp set up by your employer to the cutting site are incurred in the course of employment. These expenses are therefore deductible if you meet the conditions described under Allowable motor vehicle expenses.
You cannot deduct the cost of horses and harnesses, snowmobiles, or all-terrain vehicles because these are capital expenditures. Also, you cannot deduct capital cost allowance or interest you paid on money borrowed to buy them.
What has changed with respect to benefit payments in cases of shared custody?
The budget proposes to introduce the concept of a shared-custody parent and to allow each shared-custody parent to receive the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB) amounts in a particular month. In addition, each shared-custody parent will receive the child component of the goods and services tax/harmonized sales tax (GST/HST) credit quarterly in respect of the child.
When will the change be effective?
The change will be effective for benefits paid for periods starting in July 2011.
For more information, go to: http://www.cra-arc.gc.ca/gncy/bdgt/2010/shrdcstd-eng.html
Traveling by public transit has its tax advantages.
You can claim the cost of monthly transit passes or passes of longer duration for public transportation, which includes local bus service, streetcar, subway, commuter train, commuter bus and local ferry.
The cost of passes for shorter duration may also be claimed if each pass allows you unlimited travel for at least five consecutive days and you purchase four consecutive weeks.
Either parent can claim this credit. To get the maximum benefit, combine the cost incurred for you, your spouse or common-law partner and dependent children under the age of 19.
Remember to keep your receipts and passes to support your claim.
For more information, go to http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/364-eng.html.