As many Canadian taxpayers will know, the Canadian federal budget for the 2010-2011 fiscal year was presented to the Canadian House of Commons by Finance Minister Jim Flaherty on March 4, 2010. But even if you didn’t know that, don’t you worry – the budget is not to change your taxes too. There are still some small tax changes that Canadians must know to 2010.
The budget can bring good news to some parents. It provides that parents who have shared custody of their children should be able to share the benefits that the Canada Revenue Agency provides legal guardians. Before, one parent may make these claims. Now, parents can share the child tax benefit, the universal child care benefit and the GST child benefits.
It can be also good news for parents that universal service child benefits were changed. Previously, these benefits have been taxable on the spouse with the lower income. But the new arrangement is more amenable to single parents. The federal budget proposes that single parents receiving the UCCB may choose to exclude from their revenue and add it to income children – which will generally be a too-small amount to tax.
Similar parents of students and learners life may also be interested to know that those who have received scholarships to research shall be exempt from taxes only if their studies with a degree or diploma. Student research should also know that they can be is more able to claim amounts of education for all classes that lead to a diploma.
In General, students of scholarship may be wise to do their homework on how the federal budget affects their taxes. In addition to more severe restrictions on necessary to claim amounts of education degrees, there is now an increase in hours spent in school this tax credit exemption requirements. Part-time students will be imposed on that exceed the amount of their tuition scholarship funds.
There is also bad news for owners who hope to continue to renovate their homes Federal Government decided not to extend the home renovation tax credit program. This means that you will pay all home renovation costs incurred as of February 1. Updates only at home, which can be claimed on the 2009 tax returns are those carried out between January 27, 2009, and on 1 February 2010.
In addition, budget issued once – sensitivity to tax applications for surgery. If you have undergone plastic for purely cosmetic reasons, any medical expenses that occurred after 4 March 2010, will no longer be reclaimable.
While these are a few small changes that taxpayers will have to take into account, there were neither new taxes significant spending reductions announced in the federal budget.