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EY's Guide to Preparing 2013 Personal Tax Returns includes a summary of what’s new for the 2013 tax year, as well as tips, suggestions, and reminders to consider when preparing 2013 personal tax returns. The guide contains all the reference material you need in one collection and covers new measures including
- the tax treatment of pooled registered pension plan (PRPP) contributions and payments;
- changes to the rules for claiming farm losses, including revised criteria for determining whether a loss is restricted and the increased deductible limit on restricted losses;
- more detailed reporting requirements for individuals with foreign investment assets, and the extension of the normal reassessment period where the requirements are not met;
- anti-avoidance rules designed to ensure that
– certain types of derivative transactions cannot be used to convert ordinary income into capital gains (the character conversion rules)
– the tax consequences of a disposition of property cannot be avoided by entering into an economically equivalent arrangement (a synthetic disposition arrangement);
- the special tax related to the non-purchase of replacement shares in a Quebec laboursponsored fund;
- rules for the phase-out of the overseas employment tax credit (OETC);
- new administrative rules that allow CRA to collect 50% of the disputed tax, interest, or penalties resulting from the disallowance of a charitable donation tax credit claimed in relation to a tax shelter, pending the final determination of the individual’s liability;
- various other measures, such as the new first-time donor’s super credit for charitable donations, the extension of the adoption period for purposes of claiming the adoption expenses credit, and the extension of eligibility for the mineral exploration credit to flow-through share agreements made before April 2014.
Find answers to your tax preparation questions quickly and easily — improving your productivity and saving valuable time.
Commentary written by EY 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 2013 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: January 2014
Publication Date: January 2014
Number of Pages: 1100