New Tax Deductions For 2013

Of course, the question - what new tax deductions are there this year, and how can they benefit me? is at the top of everyone's list. Hoping that this year will bring more new deductions that can be benefited from.

As with every year, deductions come and deductions go, this year is no exception once again. We have listed some of these for you below. So, take a look at this list of tax deductions, you never know, maybe this year you can save a little more of your hard earned money.

• Has someone in your family or anyone you know for that matter, had an adoption finalized of a child who is under 18 years of age? Make sure to let them know they may be able to claim the maximum amount of $11,669 under the – Adoption expenses amount, line 313. Expenses include fees paid to an adoption agency; court costs; travel expenses; immigration expenses and document translation fees.
• If you, your spouse or common law partner are a first time donor to a registered charity, you can claim a First-time donor's super credit (FDSC) – line 343 of Schedule 9. Donations and gifts made after March 20, 2013 up to $1,000 are eligible and in effect until 2017. This credit is calculated by multiplying the donations by 25%, in addition to the credit allowed on line 340, of Schedule 9. Hence the name super credit.
• Some changes include credits that are being phased out such as the Overseas employment tax credit – line 426. This credit will be phased out from 2013, being eliminated in 2016.
• A new retirement savings option for individuals including the self-employed. Pooled registered pension plan (PRPP) – lines 115, 205 and 208. A PRPP is a new kind of deferred income plan designed to provide retirement income for employees and self-employed individuals who do not have access to a workplace pension.
• 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 are now to be reported on line 130 – Other income.

If you happen to come across any new deductions or changes that may not directly pertain to you but as you were reading about it thought of a family member, a friend or an acquaintance. Please, forward this list of tax deductions and this page to them or at the very least let that person know they should look further into that tax deduction as it might be worth their while financially.

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