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Ernst & Young’s Guide to Preparing 2012 Personal Tax Returns includes a summary of what’s new for the 2012 tax year, as well as tips, suggestions, and reminders to consider when preparing 2012 personal tax returns. The guide contains all the reference material you need in one collection and covers:
- the family caregiver amount, available to individuals caring for a dependent family member with a physical or mental impairment
- the special tax payable by certain employees on excess employee profit-sharing plan (EPSP) amounts
- changes to the Canada pension plan (CPP), including new contribution rules for employed or self-employed individuals aged 60 to 70 who have started collecting CPP benefits
- anti-avoidance rules for retirement compensation arrangements (RCAs), similar to the prohibited investment and advantage rules that apply to tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs), and registered retirement income funds (RRIFs)
- new measures affecting registered disability savings plans (RDSPs)
- transitional rules relating to the elimination of the overseas employment tax credit (OETC)
- various other measures, such as changes relating to the tax treatment of contributions to group sickness or accident insurance plans, the addition of blood coagulation monitors and related supplies to the list of expenses eligible for the medical expenses tax credit, and the extension of eligibility for the mineral exploration credit to flow-through share agreements made before April 2013
Find answers to your tax preparation questions quickly and easily — improving your productivity and saving valuable time.
Commentary written by Ernst & Young tax professionals — Written in plain language with planning tips and practical examples; commentary for each line indicates whether it applies to residents, non-residents, or deemed residents, as well as what’s new for the 2012 tax year.
Annotations knowledge map — More than 50,000 cross-references to: cases, CRA forms and rulings, Finance explanatory notes and comfort letters,
interpretation bulletins, information circulars, legislative references, reference tables, and related T1 lines.
Quebec content — Includes highlights of the main differences between the federal and Quebec tax systems, as well as the Quebec TP-1 return, schedules, and workchart, the Quebec Guide to the Income Tax Return, and concordance links between related TP-1 and T1 lines.
Reference tables — Annual contribution limits for RPPs, RRSPs, and DPSPs; CCA rates; foreign exchange rates; medical expenses; penalties and offences; prescribed interest rates; provincial rate cards; treaty withholding tax rates.
Internet edition provides access to four years previous editions at no extra cost.
Store entry last updated: December 2012
ISBN: 978-1-55385-741-9
Publication Date: January 2013
Number of Pages: 1100
