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Be ready for your 2014 income tax season and tax planning strategies!

Be always on the top of your finances! Get professional help and have a peace of mind!


"Big thinking precedes great achievement." 

 
— Wilferd Peterson
 

New tax changes for 2015!

 

Payroll source deductions changed as of January 2015: 

  •  
  • QPP increased to 5.25% (for employee & employer each) from 5.175% (in 2014)
  • QPIP remain the same as 2014 i.e. 0.559% (employee) and to 0.782% (employer) BUT the maximum insurable earnings increased to $70,000 (from 69,000 in 2014) and the annual maximum employee contribution increased to $391.30 via employer maximum contribution of $547.40.
  • EI increased to 1.54% (employee) and to 2.156% (employer) from 1.53% and 2.142% respectively (in 2014)
 


Minimum wage increase:  

 

In Quebec, the minimum wage will increase as of May 1, 2015 to $10.55 from $10.35 (20 cent increase) . The rate for employees who earn tips will increase to $9.20 from $9.05.

 

 

Limit on tax-exempt Car allowances paid by employer: 

 

The limit increased to $0.55 per KM for the first 5000 KM and to $0.49 per KM for any additional KM.
 

 

Canada Revenue Agency

What's new for 2014 taxation year!

  •  
  • Manage online mail - no longer receive your notice of assessments or letters from CRA by mail - get them online!
  • Family Tax Cut - non refundable tax credit up to $2000 to reduce your federal income tax
  • Emergency services volunteers - the rules for the $1000 exemption have changed.
  • Lifetime capital gains exemption - increased to $800,000 for disposition of qualified shares and farm & fishing property made after 2013.
  • Adoption Expenses - maximum amount of eligible expenses for each child has increased to $15000.
  • Medical expenses - see guide RC4064 for more information
  • Ecological gifts - carry forward period for such gifts made after February 10, 2014 has been extended to 10 years.
  • Cultural gifts - new rules apply - see Pamphlet P113.
  • Children's fitness amount - maximum amount for each child increased to $1000.
  • Search and rescue volunteers' amount - you may be able to claim an amount of $3000.
  • Investment Tax Credit - Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into effect before April 2015.
  • GST/HST credit - No longer need to apply for it - when you file your tax return, CRA will determine your eligibility and let you know.
  • Amateur Athlete Trust (AAT) - Income contributed to an AAT now qualifies as earned income in the calculation of the RRSP contribution limit of the trust's beneficiary.

Revenu Quebec:

Principal changes for 2014 taxation year:


Please see details about the following items @ Revenu Quebec

  • LogiRénov tax credit - 20% of the eligible expenses for the renovation of your principal house (maximum combined tax credit for two years is 2500$) - see line 462 of Quebec tax return.
  • Tax credit for seniors' activities
  • Tax credit for home support services for seniors
  • Tax credit for children's activities
  • Voluntary Retirement Savings Plan contributions (VRSP) - for more information see VRSPs
  • Supporting documents
  • Health contribution
  • Quebec prescription drug insurance plan
  • and more...

Happy Tax Season!

Our Online Tax Form: Easy to use, Efficient and Fast!
 
Fill out M.I.A.G.E. Online Tax Form to submit your basic information and setup your appointment. Once you fill it in, you will receive your Tax check list immediately by email. Your tax T-slip samples are identified on the check list and will help you gather your tax data easily prior to your meeting with our tax specialists. Once your online tax form is submitted, you will also receive a phone call within 48 hours by one of our representatives in order to arrange your appointment at one of our nearest offices.
 
To access our Online Tax Form, simply go to our website: www.miagesolutions.com, click on the ''Online Tax Form'' on the top right side of the home page. Use the last 4 digits of our phone number for the password (7200).

USEFUL RESOURCES:

My Account with CRA
My Account with Revenu Quebec
Sales Tax Calculator

 



SAVING FOR RETIREMENT:

 
 
  

Make a contribution to your RRSP for 2014: Your RRSP contribution must be made on or before March 2, 2015 to be deductible for 2014. Refer to your 2013 notice of assessment from CRA to find out about your maximum RRSP contribution limit.

Delay RRSP Home Buyers' Plan (HBP) withdrawals until after year-end: this will extend your time period for purchasing your principal house and repaying the amounts withdrawn by one year. The home must be purchased by October 1 of the year following the year of withdrawal. Amounts withdrawn must be repaid to RRSPs in 15 equal instalments, starting with the 2nd taxation year following the year of withdrawal.

Remember to make your required Home Buyers' Plan repayment by March 2, 2015: if you participated in the HBP prior to 2013, you have a repayment due in the 2014 taxation year. A repayment made on or before March 2, 2015 will be considered to have been made in the 2014 taxation year.


Need HELP!
 



Contact:
 
Mrs. Mahtab Saghafi
Senior Finance and Tax Advisor
Email: msaghafi@miagesolutions.com
Tel: 514.426.7200 ext 101

 

OUR LOCATIONS

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Pointe-Claire, QC, H9R 4S2

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VISIT US ONLINE

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