Update: 2015 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs)
This fact sheet was originally published on the CRA website on November 25, 2014. It has since been updated. It now includes the lifetime capital gains exemption limit.
Partnership with Canada's Professional Accountants (CPA) - New CRA-CPA agreement
The Framework Agreement recognizes the important relationship between the CRA and CPA Canada in the successful administration of Canada's tax system, and promotes regular dialogue between the two organizations on tax-related matters of common interest.
Income Tax Rulings Directorate: Satellite Offices
In January 2014, the Income Tax Rulings Directorate established a satellite office at the Toronto Centre Tax Services Office. More staff have been recruited and are being placed in other TSOs in the Toronto and Montreal areas.
Pilot project: Public body rulings
In March 2014, the Income Tax Rulings Directorate began offering, as a one-year pilot project, a new service called a Public body ruling. The new service allows public bodies performing a function of government in Canada to obtain a ruling on their status without having to submit a proposed transaction.
Pilot project: Pre-ruling consultations
In October 2013, the Income Tax Rulings Directorate began offering, as a one-year pilot project, a new service called a pre-ruling consultation.
On March 28, 2013, the CRA launched a new series of income tax technical publications, called the income tax folios. Over the next several years, the folios will update and replace the interpretation bulletins. For more information, see Introducing Income Tax Folios and Income Tax Folio Index.
Mandatory electronic filing for tax preparers
Starting in 2013, tax preparers who file more than 10 returns will be required to file them electronically.
Partnerships - Elimination of corporation tax deferral
The deferral of tax by a corporation that has a significant interest in a partnership having a fiscal period different from the corporation's tax year will be eliminated.
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