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New ways to save in 2014

Posted on: February 03, 2014 | Author: Intuit Canada

This article is provided by Intuit Canada and is for general information only. You are encouraged to seek professional tax advice if you have questions.

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When filing taxes, many Canadians leave money on the table, so to speak, by not taking full advantage of tax credits. It's difficult enough to understand what's already out there, never mind the options that get introduced each year. To ease the burden for you, we've highlighted the new tax credits you need to know about in 2014.

  1. Tis' the season

    Have you ever made a donation to a charitable institution or organization? If not, this is the year to start giving. To encourage Canadians to be more charitable, the government has introduced the First-Time Donor's Super Credit. First-time charitable givers will receive an extra 25 per cent non-refundable federal tax credit. This means that you can get a 40 per cent credit for up to $200 in cash donations and a 54 per cent credit for the part of the cash donations that is over $200 – albeit not more than $1,000. However, first make sure your gift is going to a qualified organization. A full list of amazing opportunities to give back can be found here.

  2. The gift of a home

    Canadians who adopt a child take on an enormous responsibility, both in terms of giving care and providing financial support. According to the Adoption Council of Canada, the cost of adoption can be as much as $30,000. To ease the burden, the Adoption Expense Tax Credit was introduced, allowing parents to claim adoption expenses up to $11,669 per child for 2013.

  3. Protecting your investments

    Do you have investments? Own a home? Maybe you've got an investment property? If so, then you're subject to capital gains. The good news is that you get to keep a little more of them this year. The proposed budget calls for an increase from $750,000 lifetime – the current capital gains exemption – to $800,000. Moving forward, the lifetime exemption will be indexed to inflation.

As you can see, there are many ways to earn tax credits and save money this year. TurboTax is fully up to date with all new tax credits. Don't leave a penny on the table.

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