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RRIF minimum withdrawal relief

As many readers are still asking questions about the famous relief of 25% minimum withdrawal of the Fund registered retirement income fund (RRIF) for 2008, we report in two weeks Following amendments to tax returns for 2008 to review the matter.
In its fact sheet 08-121, December 2008 (published in the wake of the economic statement of 27 November), the Canada Revenue Agency (CRA) confirms that the RRIF annuitant who received the full amount at least 2008 according to the law can contribute up to 25% of the minimum amount so received in any RRIF Income Fund (LIF) or other RRIFs held . If an individual is aged 71 or younger in 2009, it may rather do it in his RRSP. This announcement applies to taxpayers who have reached an age other than 71 in 2008. The statement specifies that these contributions must be paid no later than March 2, 2009 or 30 days from the date of royal assent to legislation putting these measures into effect.

But as Bill C-10, Budget Implementation Act of 2009 has received the sanction March 12, 2009, eligible individuals will have only juice-Tuesday, April 14, 2009 (April 12 falls on a Sunday and April 13 Easter Monday) to return to their RRIF, LIF and RRSPs some of the money already withdrawn from a RRIF or LIF in 2008 respecting the limit of 25%. Clearly, if a taxpayer has withdrawn the minimum unreduced for 2008 and has not yet made the new deductible contribution of 25%, it has until then to act inclusively and be able to infer from his statements fiscal 2008. If he does, as directed by the CRA, the receipt of the financial institution will indicate that it was effected on 1 March 2009. The rules are the same in Quebec.

Use the Internet link http://www.cra arc.gc.ca / tx / ndvdls / tpcs / RRIF-feer / q-eng.html to reach the page "Questions and answers about the changes for 2008 RRIF minimum amount "of the website of the CRA was amended to reflect this new deadline and continue to provide the deduction rules. In conclusion, remember that the taxpayers concerned are not obliged to make this contribution in the same regime or to the same financial institution from which they originated least 2008.

Budget March 19
The Minister of Finance of Québec, Monique Jérôme-Forget, comes to the budget.
Here are some specific measures affecting:

1 The refundable tax credit for costs of child care is improved, including increasing the $ 7,000 to $ 9,000 the limit on expenses (other than the parental contribution of $ 7 daily ) paid for a child under seven years old suffering from no disability. In addition, we make child care expenses deductible even during parental leave.

2 The tax credit for the acquisition of shares issued by CSN Fondaction after May 31, 2009 temporarily switches 15% to 25% to encourage its capitalization.

3 The SME Growth Stock Plan is improved and the system becomes Savings Plan II.

4 A refundable tax credit for the purchase or lease new fuel-efficient vehicles is established, determined by their environmental performance.

Finally, she announced the harmonization of legislation in Quebec with federal law several measures, including the deduction for loss in value of investments in an RRSP or RRIF after death. We will certainly have the opportunity to return.

* Author: Peter Juneau, ca, F. Pl. - Posted March 26, 2009 - The Sun

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* Tax credits for families and dependents

If you support financially one or more persons, you may be eligible for tax credits under this heading. It is possible to claim tax credits for your spouse, children, adults with disabilities (if you provide care) or some other family members living with you. In addition, you may qualify to transfer unused funds from their tax returns for individuals. With

QuickTax online , you get all line of software online to make your return easy and to get maximum reimbursement. Plus it's guaranteed.

Other tax advice relating to the family:

- Charitable donations and medical expenses : These gifts and expenses may be reported to the family. Thus, filling up all the statements of your family at the same time, you can maximize your tax benefits.
- Transfer of tuition and education amount : Students often do not need to declare all their tuition fees to reduce taxes to zero. You can then transfer any unused portion of these costs to a parent (for this purpose, it is not necessary that the student lives with the parent).
- Camps and Residential : You can declare weekly fee of up to $ 175 for a child under six years, $ 250 for a disabled child and $ 100 for all other eligible children.
- Amount caregiver : Claim a part or the entire amount for health care provider if you have your dependent parent or person over 18 years suffering from a mental or physical disability, living with you and having an income below $ 18,081.

care expenses for your children
You can declare a maximum of $ 7 000 in child care expenses for each child under 7 years and $ 4 000 for each child over 7 years but less than 17 years 31 December of the tax year. To obtain a maximum reimbursement of expenses for child care, list your children in chronological order. You do not have child care expenses this year? Make this list anyway, because you may be eligible for government assistance program as the Canada Child Tax Benefit and credit for the GST / HST.

Have you applied for a tax benefit Children?
To qualify for the tax benefit for children, you must apply for each of your children and make sure you and your spouse prepare tax returns each year. These benefits are not taxable.

Child Tax Benefit - Learn more

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Tax: half of the returns using the Internet

This section of the newspaper Affairs explained that " transmission of tax returns via the Internet is gaining popularity in Quebec . This proves that the use of software such as QuickTax and QuickTax Online is more necessary than ever for a timely and accurate reporting that guaranteed maximum repayment .

Happy reading!

Last year, 2.8 million people submitted their tax returns from Quebec for fiscal year 2007 through the web, using the NetFile. With more than half of the estimated five million forms that Revenu Québec receives annually.

In an interview with The Canadian Press, the spokesman for Revenue Quebec Linda Di Vita said that the department promotes the transmission of tax returns via the Internet in recent years. She said it is an efficient, faster, while being very safe, in addition to being environmentally friendly.

Di Vita notes that the benefits to the environment are also felt in the pockets of taxpayers because those who opt for tax returns via the Internet to reduce their costs of paper, printing and mailing.

Moreover, the spokesman for the Department argued that citizens who use NetFile Quebec receive their refunds more quickly when it does, especially if it is done by direct deposit.

Quebecers have until 30 April to file their income for tax year 2008.

Courtesy of The Canadian Press. March 1, 2009

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Students, students, take advantage of money for educational expenses, for FREE!

If you paid tuition to an educational institution or training during the tax year, you can claim a credit on this account. This credit applies not only to postsecondary education followed for obtaining a diploma, but also to vocational training courses that are not offered by the employer. Taxpayers may also request an education credit for each month where they studied full-time or part time.

You can declare free:

• tuition for postsecondary
• laboratory
• library
• Review
• computer services

You can not claim costs or Expenditure

• of study at a private school or secondary
• Of course private
• Curriculum Summer
• textbooks
• supplies
• student association
• transport or Parking
• Pension

Proceed to carry forward or transfer credits for tuition and études.Si you are a student, you can carry forward any unused portion of your credits for tuition and education in a year when your income will be higher, or transfer it to the person you are in charge (eg, your spouse, parent or grandparent).

NOTE: You can only transfer credits for tuition and education of the tax year and not the sales that you refer to the previous year. Students FREE with QuickTax, you can easily prepare your return, for FREE!

To use the new student QuickTax FREE