Tax Elective 7 Flashcards
2015 Basic Personal Amount
11,327 for everyone
What is the employee EI rate?
1.88%
What is the emloyer rate for EI? (compared to employee)
1.4 x
What is the basic exemption for EI?
0
Is EI collectible if you work for less than 7 days?
No
What is the share ownership amount that makes you exampt from EI?
> 40%
How are non arms length employees treated in regards to EI?
exempt
What is the basic exemption for CPP?
$3500
What is the employee and employer rate for CPP?
4.95 %
Spousal amount (or eligible dependent amount) is? And is reduced by what?
$11,327 Their net income.
Amount for an eligible dependent is?
You took care of a dependent, by yourself at some point. Up to $11,327 (reduced by their net income)
What is the maximum amount for the adoption expense tax credit?
$15,000
What is the adoption period?
When intent for adoption is filed to when adoption is granted.
In what year do the adoption expenses get claimed?
In the year the adoption is granted.
The family caregiver amount applies to who?
Those who have Dependents with physical or mental impairments.
The family caregiver adds to which credits?
Spousal, Dependent, Child, Caregiver credits.
Which two credits are interchangable?
Spousal and Eligible Dependent
Caregivier amount is for having dependants who…
are over 18 and have mental or physical impairments…. or parents/grandparent with impairments over 65
What is the pension income amount?
$2000 of eligible (not oas or cpp or foreign) pension amounts.
Interest on student loans can be claimed how far forward?
five years
What is form T2201
Disabiltiy Tax Credit Certificate
How doe the disability amount change for persons under 18?
There is a supplement of $4,530 (but it is reduced if attendant care expenses had been claimed.)
Whose medical expenses can you claim?
Yours, Spouse, Dependents under 18 (and other dependents individually calculated)
Who should claim medical expenses?
Spouse with lower net income.
What are medical expenses limited to?
Above $2,171 or 3% of net income. (whichever is less)
What is the maximum amount of net income that can be claimed as donations?
75%
Donations can be carried forward how long?
5 years
Charitable donations tax credit is?
15% on first 200 and 29% on remainder
First time super donors credit is what?
An extra 25% on first $1000 of donations. (if first time donating.)
Canada employent amount is:
The lesser of income and 1,127
Minimum stipulation for Public Transit amount.
unlimited travel of 5 consective days or more
Can disability amounts be transferred from a dependent?
Yes
If an amount is eligible for child care expenses and the fitness amount, which is it claimed under first?
Child care expenses
Child care expenses MUST be claimed by?
Lower income spouse.
As of 2015, the amount for children under 18 is?
No longer a credit.
First year of TFSA was when?
2009
Is interest on money borrowed to invest in a TFSA deductible or not?
not
