Essential Tax Facts 2010: Tax Season Readiness Tips

Tax filing season 2010 will bring with it some new tax provisions and numerous increases in personal tax deductions, as well as refundable and non-refundable tax credits. Reviewing new personal provisions is a great way to start the financial year, particularly as Canadians get ready to file their 2009 tax returns, top up their RRSP contributions and make TFSA deposits.

To help advisors and their clients prepare to pay only the correct amount of tax on personal and business activities, Evelyn Jacks, Canada's most trust tax author has recently released her 45^th and 46^th books, Essential Tax Facts 2010 (Knowledge Bureau, Inc) and Make Sure It's Deductible (McGraw Hill) and the following checklist to discuss in preparation for tax season 2010.

2010 TAX SEASON READINESS CHECKLIST: WHAT'S NEW?

• Tax receipting for the new Home Renovation Tax Credit
• The New Home Buyers' Amount ($5000)
• The GST/HST New Housing Rebate
• Increased EI Benefits and Clawback Zones ($52,875)
• Wage Earner Protection Program
• Employment Perks. Employees will be treated to new tax free perks of employment in certain circumstances.
• New RPP Contribution Maximums
• New RRSP Contribution Maximums
• Deductibility of Losses in RRSP/RRIF values on final return
• Child Care Expense Limitation for Working Teenagers
• Moving Expenses review
• Increased claims for Trucker's Meal Expenses
• Changes to GST/HST Rebates on Employment Deductions ( 5/105 for GST and 13/113 for HST)
• Indexing changes to personal amounts including Basic Personal Amount and Age Amounts and many more. 
• Changes under the CANADA-US Tax Treaty
• GST and the Financial Services, including Trailer Commissions or Trailer Fees