Remember Brian Mulroney: The Voluntary Disclosure Program allows taxpayers to correct previous tax returns if they have failed to report income. Mr. Mulroney used this program to disclose unreported income.
Don’t wait: If the Canada Revenue Agency has already initiated action against you, it is too late to use the Voluntary Disclosure program. You have to inform the CRA first.
Are you a caregiver?: Age, income and living situation are the deciding factors for determining a caregiver for tax purposes. If your parent or parents are 65 or over, have less than $18,645 in income and are living with you, you can claim the caregiver amount. You can also claim parents under the age of 65 if they are dependent on you due to an infirmity.
Support from afar: Even if you are providing support to your parent or parents, they have to live with you in order to claim the caregiver credit. Sending money to support them does not qualify.
If you have a Registered Education Savings Plan (RESP) for your children, you might be wondering about what tax slips or receipts you may need in order to file your income tax.
First of all, you will not receive a contribution receipt for putting money into an RESP, as contributions towards RESPS are not tax deductible
Tax time can get confusing with all the various tax slips you get from your bank. It is sometimes hard to keep track of them all. You might be wondering what tax slips you should be expecting in the mail if you have an RRSP, before efiling online for the year.
1. Contribution Receipts – You will only get receipts if you made contributions.
If you made any contributions during 2010 or during the first 60 days of 2011, you will receive one or more contribution receipts from your financial institution. You would have already received the first 60 days of 2010 receipt in the spring of 2010 and you may have already claimed this on your 2009 taxes. However, you will want to watch out for the remainder of 2010 receipt (March 2nd to December 31st) as well as for the first 60 days of 2011 receipt (Jan 1st to March 1st).