What's new for 2014
List of major changes
We list the major changes below, including income tax changes that have been announced but have not become law at this time. If they become law as proposed, they will be effective for 2014 or as of the dates indicated.
Manage online mail
When you register for online mail, the CRA will no longer mail your notices to you. Instead, you will receive an email notification that there is mail for you to view on the My Account secure online service at My Account. Have your tax record in a secure place – online! For more information see Manage online mail.
Family tax cut
You may be able to claim a non refundable tax credit of up to $2,000 to reduce your federal income tax. For more information see line 423.
Emergency services volunteers
The rules for the $1,000 exemption for emergency services volunteers have changed. For more information see line 101.
Lifetime capital gains exemption
For dispositions of qualified small business corporation shares and qualified farm and fishing property made after 2013, the lifetime capital gains exemption limit has increased to $800,000. For more information, see Guide T4037, Capital Gains. For more information see line 254.
The maximum amount of eligible expenses for each child has increased to $15,000. For more information about adoption expenses. For more information see line 313.
Costs for the design of personalized therapy plans for persons eligible for the disability tax credit and costs for service animals used to help manage severe diabetes are now eligible as medical expenses. For more information, see Guide RC4064, Medical and Disability Related Information. For more information see lines 330 and 331.
The carry-forward period for gifts of ecologically sensitive land made after February 10, 2014, has been extended to 10 years. For more information see line 349.
For donations of certified cultural property made after February 10, 2014, special rules will apply when the property was acquired through a gifting arrangement that is a tax shelter. For more information about these new rules, see Pamphlet P113, Gifts and Income Tax. For more information see line 349.
Children’s fitness amount
The maximum amount of eligible fees for each child has increased to $1,000. For more information see line 365.
Search and rescue volunteers’ amount
As a search and rescue volunteer, you may be able to claim an amount of $3,000. For more information see line 395.
Investment tax credit
Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 2015. For more information see line 412.
You no longer have to apply for the GST/HST credit. When you file your return, the CRA will determine your eligibility and tell you if you are entitled to receive the credit. For more information see GST/HST credit.
Amateur athlete trust (AAT)
Income contributed to an AAT now qualifies as earned income in calculating the registered retirement savings plan (RRSP) contribution limit of the trust’s beneficiary. For more information see line 208.
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