Important changes you need to know before doing 2014 Income tax returns

Canadian $2 coin, nicknamed "toonie" (Photo credit: Wikipedia)

Here is the list few changes that may affect your 2014 income tax returns:

• GST\HST credit- Going forward from 2014, you don’t have to indicate whether you want to apply for HST Credit. CRA will determine based on your income tax return. If you have a spouse or common law partner then only one of you will receive the credit, but not both of you. The credit will be paid to the spouse or common-law partner whose return is assessed first.
• Family Tax Credit- Family Tax Cut is a new non-refundable tax credit of up to $2,000 for eligible couples with minor children based on the net reduction of federal tax that would be realized if up to $50,000 of an individual's taxable income was transferred to the individual's eligible spouse or common-law partner. The credit can be claimed in Schedule 1 line 423.
• Lifetime capital gains exemption- For dispositions after 2013 of qualified small business corporation shares and qualified farm and fishing property, the lifetime capital gains exemption limit has increased to $800,000 (line 254). The new limit is indexed to inflation, and the first indexation adjustment will occur for the 2015 tax year
•   Adoption expenses– The maximum  refundable tax credit amount of eligible expenses for each child has increased to $15,000 (line 313)
• Children’s fitness amount – The maximum amount of eligible fees for each child has increased to $1,000 (line 365).The increase is only for federal amount

Online access of your account at CRA

You can access your account at CRA via My Account. It is a convenient way to check your account information, RRSP & TFSA contribution rooms and amend your tax returns.

With My Account you can see following information:

• tax refund or balance owing;
• direct deposit;
• RRSP, Home Buyers' Plan, and Lifelong Learning Plan;
• Tax-Free Savings Account;
• NETFILE access code;
• tax returns and carryover amounts;
• tax information slips – T4, T4A, T4A(P), T4A(OAS) and T4E
• disability tax credit;
• account balance and payments on filing;
• installments;
• Canada Child Tax Benefit and related provincial and territorial programs payments, account balance, and statement of account;
• GST/HST credit and related provincial programs payments, account balance, and statement of account;
• Universal Child Care Benefit payments, account balance, and statement of account;
• children for which you are the primary care giver;
• Working Income Tax Benefit advanced payments;
• pre-authorized payment plan;
• authorized representative; and
• addresses and telephone numbers.

You can also manage following information:

• changing your return(s);
• changing your address or telephone numbers;
• applying for child benefits;
• arranging your direct deposit;
• authorizing your representative;
• setting up a payment plan;
• formally disputing your assessment or determination; and
• changing your marital status.