It Pays (More) to Get the Kids Off the Couch.

As part of an initiative to assist families, the Government of Canada has announced that the Children’s Fitness Tax Credit limit has been raised from $500 to $1,000 per child for the 2014 tax year.

Starting in the 2015 tax year, the Fitness Tax Credit will also become a refundable credit, which means that if the total of the credit is more than your tax owed (even if nil), CRA will refund you the difference.

For more information on the Children’s Fitness Tax Credit, visit http://www.fin.gc.ca/n14/14-136-eng.asp.

No changes have been made to the Children’s Arts Tax Credit. It remains capped at $500 annually per child and is still non-refundable.

Introducing…the Small Business Job Credit

Businesses who pay up to $15,000 in EI premiums annually will soon pay $1.60 per $100 of payroll instead of $1.88. The Government of Canada estimates that this will benefit approximately 780,000 Canadian businesses.

No paperwork will be required! Revenue Canada will automatically calculate the credit when companies file their taxes.

The credit will be effective January 1, 2015 through 2016.

Never find yourself on the wrong side of a CRA deadline again! (Unless you lose your phone.)

In consultation with small and medium-sized businesses, CRA has introduced a convenient new Business Tax Reminders mobile app for Apple iOS, Google Android and BlackBerry mobile platforms.

The app allows you to set up custom calendar or pop-up reminders for filing returns and making instalment or remittance payments for your corporate, GST/HST, payroll, partnership and personal tax accounts.

For more information, download links and step-by-step set-up instructions, please visit http://www.cra-arc.gc.ca/esrvc-srvce/mblpp/menu-eng.html.

If It Seems Too Good To Be True…

Several of our clients have received emails purporting to be from Canada Revenue Agency notifying them that they have been sent an INTERAC e-Transfer of money. The email asks them to click on a link which looks like it is connected to CRA’s website in order to deposit the money. THIS IS A SCAM.

Canada Revenue Agency has posted the following notice on their web site:

The CRA has recently become aware of a new scam involving email money transfers. Canadians are reminded that the CRA will only send payments by direct deposit or by cheque, never by email money transfer.

More information on common scams and tips for how to identify them can be found on CRA’s site at http://www.cra-arc.gc.ca/ntcs/bwr-eng.html.