Frankie Fenton CMA

2010 Personal Tax Season

March and April comprise the peak of personal tax season, with most returns and all balances owing required to be filed and paid by April 30th.  Although persons with business income have until June 15th to file their tax returns, they are still required to submit amounts owing by April 30th.

For the mainstream, there were not really any earth-shattering changes announced that affected 2010 personal taxes in BC.   In line with earlier announced reductions to corporate tax rates, there was a slight increase to the personal tax rates on eligible dividends, thus maintaining integration.

For separated parents who share custody of children, many of the child benefits such as the CCTB, UCCB and HST credit can now also be shared by the parents.

For those with infirm children, it is now possible to roll over amounts from an RRSP or RRIF on the death of a parent to an RDSP of an infirm child.

The accelerated CCA rate of 100% still applied to computers purchased in 2010.

Effective March 2010, medical expenses incurred solely for cosmetic reasons no longer qualified for the medical expense credit.

Did you know it’s now easier than ever to pay your taxes electronically?  Using CRA’s “My Payment” portal,  (http://www.cra-arc.gc.ca/esrvc-srvce/tx/mypymnt/menu-eng.html), you can process a payment online provided that you are set up for online banking with an accepted financial institution.  Currently, the following institutions are participating:

  • BMO Bank of Montreal (Personal accounts only)
  • Scotiabank
  • RBC Royal Bank
  • TD Canada Trust

Payments can be made for both instalments and balances owing, for personal taxes, GST/HST, corporate taxes, payroll and excise (to name a few).

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