TaxMatters@EY – April 2012

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Tax issues affect everyone. To help you get up to speed on the latest hot topics, the April issue of Canada’s TaxMatters@EY is now available. It’s tax return time, so you and your clients will find some helpful ideas in our lead article, “Personal tax-filing tips for 2012.”

This monthly bulletin is a guide to managing your taxes, and includes recent tax news highlights, resources and publications.

The April issue also features:

  • The new federal children’s arts tax credit.
  • Changes to the Canada Revenue Agency’s policy on joint venture income.
  • A recent Tax Court decision on claiming the moving expenses credit without changing employers.

You’ll find all this and more in the latest edition of TaxMatters@EY.


Personal tax-filing tips for 2012
Gena Katz, Toronto, and Hugh Neilson, Edmonton

The 2011 personal income tax return filing deadline will be here before you know it. Here are some practical suggestions for you to consider. Some will save you time, some will save your nerves and — best of all — some may even save you money.

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Arts tax credit: piano lessons pay off in more ways than one
Andrew Rosner and Maureen De Lisser, Toronto

After introducing a non-refundable child fitness tax credit in 2007, the federal government has decided to get in touch with its creative side by enacting a non-refundable children’s arts tax credit.

The credit applies to eligible expenses paid by parents who register a child in a prescribed program of artistic, cultural, recreational or developmental activity. It’s available for 2011 and subsequent taxation years.

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Computation of joint venture income
Byron Beswick, Calgary

Two recent technical interpretations clarify the Canada Revenue Agency’s (CRA’s) revised administrative positions regarding the application of the deferral partnership rules first announced on 22 March 2011 to unincorporated joint ventures (JVs).

In summary, participants in a JV will no longer be able to compute their income as if the JV had a separate fiscal period, but the CRA will allow transitional relief in the same manner as for members of partnerships.

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