What's new for 2009

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 2009 or as the dates indicated.

Registered disability savings plan (RDSP)

The deadline for opening an RDSP, making contributions, and applying for the matching grant and the income-tested bond for 2008 was extended from December 31, 2008, to March 2, 2009. The 2009 RDSP contribution year began March 3, 2009.

Apprenticeship completion grant

Enter on line 130 income received from an apprenticeship completion grant. For more information, see line 130 - Other kinds of income.

Basic personal amount

The amount has increased to $10,320. For more information, see line 300 - Basic personal amount.

Age amount

The maximum amount has increased to $6,408. For more information, see line 301- Age amount.

Spouse or common-law partner amount

The maximum amount has increased to $10,320. For more information, see line 303 - Spouse or common-law partner amount.

Amount for an eligible dependant

The maximum amount has increased to $10,320. For more information, see line 305 - Amount for an eligible dependant.

Home renovation expenses

For 2009 only, you can claim an amount for eligible expenses incurred for work performed or goods acquired after January 27, 2009, and before February 1, 2010. For more information, see line 368- Home renovation expenses.

Home buyers’ amount

You can claim an amount of $5,000 if you purchased a qualifying home after January 27, 2009 (closing after this date). For more information, see line 369- Home buyers' amount.

Investment tax credit

The deadline to claim the mineral exploration tax credit on qualifying expenses renounced under flow-through share agreements has been extended to March 31, 2010. For more information, see line 412 - Investment tax credit.

New payment method

You may be able to pay online using CRA’s My Payment option.

Home Buyers’ Plan (HBP)

The maximum amount you can withdraw from an RRSP under the HBP has increased to $25,000. For more information, see Home Buyers' Plan (HBP).

Final return of a deceased person

If an unmatured RRSP or RRIF of a deceased person decreases in value following death, and the final payment from that RRSP or RRIF is made after 2008, a deduction may be claimed on the final return of the deceased person for that decrease in value. For more information, see Guide T4040, RRSPs and Other Registered Plans for Retirement.