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What's New For Tax Year 2015?

Auto-fill my return
If you have the CRA "My Account", you can download most of your T-slips and other CRA held numbers from the CRA system. If you only have information slips and RRSP contributions without other claims, your return will be ready to go.

You can also download other family members' numbers using your CRA login if they have authorized you the access to their accounts.

This saves you time and avoid typing errors.

Tax law changes that affect most taxpayers:
  • Children amount for children under 18 years of age
    The amount for children under 18 years of age has been eliminated. Now you can only claim the family caregiver amount for children under 18 years of age if a child is physically or mentally infirm.

  • Children's fitness tax credit
    The children's fitness tax credit is now a refundable credit. The line number is also changed from line 365 to line 458 / 459.

  • Child care expenses
    The maximum limit per child has increased by $1,000 for all age groups.

  • Family tax cut
    For 2014 and later years, the calculation for the family tax cut has been revised to allow unused tuition, education, and textbook amounts transferred from a spouse or common-law partner.

  • Other deductions
    The minimum amount that must be withdrawn each year from a registered retirement income fund (RRIF), variable benefit money purchase registered pension plan (RPP), and pooled registered pension plan (PRPP) has been reduced. If you have withdrawn more than the reduced 2015 minimum amount, all or part of the excess may be eligible to be re-contributed to a RRIF, RPP, account under a PRPP, or to buy a qualifying annuity and deducted on line 232.

  • Form T1135, Foreign Income Verification Statement
    This form has changed to introduce a simplified reporting method for individuals who own specified foreign property with a total cost of less than $250,000 throughout the year.

  • Universal child care benefit (UCCB)
    The UCCB has increased to $160 per month for each qualified dependant under 6 years of age and there is a new benefit of $60 per month for each qualified dependant aged 6 through 17

  • Interest paid on your student loans
    Interest paid on a Canada Apprentice Loan amount for registered Red Seal apprentices can also be claimed on line 319.
Provincial Tax Changes
  • Alberta
    Four new income tax rates have been added for taxable income over $125,000.

  • British Columbia
    There are two new non-refundable tax credits: the children's fitness equipment amount and the education coaching amount.

    The children's fitness equipment amount is equal to 50% of the British Columbia children's fitness amount and is claimed on line 5842. TaxChopper will calculate this credit automatically based on the fitness amount claimed.

    The education coaching amount is available to teachers or teaching assistants who carry out eligible coaching activities in the year and is claimed on line 5843.

  • Manitoba
    There are two new non-refundable tax credits: the volunteer firefighters' amount and the search and rescue volunteers' amount. They are clones of the federal credits with the same names.

    Starting January 1, 2015, the eligible investment period for the Manitoba community enterprise development tax credit was extended to the first 60 days after the end of the calendar year

  • New Brunswick
    The New Brunswick seniors' home renovation tax credit has been introduced to help with eligible amounts paid or incurred for permanent home renovations or alterations that improve accessibility or help a senior be more functional or mobile at home. The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior relative. New Schedule NB(S12) is used to calculate this credit.

  • Newfoundland and Labrador
    The labour-sponsored venture capital tax credit has expired.

  • Northwest Territories
    The risk capital investment tax credits have expired and have been removed from the tax forms.

  • Nova Scotia
    The sport and recreational expenses for children tax credit has been eliminated.

  • Nunavut
    The business training tax credit has expired.

  • Prince Edward Island
    The low-income tax reduction amounts have increased. There is a new low-income age reduction amount for seniors aged 65 or older as well as a new low-income age reduction amount for your spouse or common-law partner who is 65 years of age or older.

  • Saskatchewan
    The graduate retention program has changed. Starting with the 2015 tax year, the Saskatchewan graduate tuition tax credit is now entirely non-refundable and must be used to reduce your Saskatchewan income tax payable. Any unused credit can now be carried forward for nine years after the year of graduation. The active families benefit is now available only when your adjusted family income is not more than $60,000.

  • Yukon
    The surtax of 5% has been eliminated and removed from the tax forms.

    The low-income family tax credit has been eliminated.

    The political contribution tax credit has been moved from Form YT479 to Form YT428, i.e., it becomes non-refundable.
Other Highlights
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