What's new for 2013

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 2013 or as of the dates indicated.

Pooled registered pension plan (PRPP) 

The pooled registered pension plan (PRPP) is a new retirement savings option for individuals, including those who are self-employed. For more information see lines 115, 205 and 208.

Other income 

Enter on line 130 amounts (grants) paid to you as a result of taking time away from work to cope with the death or disappearance of your child because of an offence or probable offence under the Criminal Code.

Adoption expenses 

For adoptions finalized in 2013 and subsequent years, the adoption period has been extended. For more information, see line 313.

Donations and gifts 

For the 2013 to 2017 years, you may be able to claim a first-time donor’s super credit. For more information, see line 349.

Investment tax credit

Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 1, 2014. For more information about investment tax credits, see line 412.

Tax related to the non-purchase of replacement shares in a Quebec labour-sponsored fund

You may have to pay a special tax if you redeemed your shares from a Quebec labour-sponsored fund to participate in the Home Buyers’ Plan (HBP) or the Lifelong Learning Plan (LLP), but did not purchase replacement shares within the prescribed time. For more information, see line 418.

Overseas employment tax credit 

From 2013 to 2016, the overseas employment tax credit will be phased out. It will be eliminated for 2016 and subsequent years. For more information, see Form T626, Overseas Employment Tax Credit.

Foreign property

Under certain circumstances, the reassessment period for a return has been extended. For more information, see foreign property.

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