TORONTO, Feb. 9 /CNW/ - If you experienced a life change in 2008, it
could bring certain differences on your tax return.
- Review your TD1 Form: Most Canadians have their tax deductions
collected by their employer at source. Employers calculate the amount
of deductions based on information provided by an employee on their
TD1 Form. If you have a life change, make sure you update your TD1
Form so your tax withholding amount is correct.
- Losing your job can have a major impact on your tax situation. Even
if you only worked a few days in 2008, you can still claim the Canada
Employment Credit if you have any employment income. Your Employment
Insurance benefits are taxable but if you paid income tax at some
point in the year, you may be able to get it back if you earned less
than the personal amount of $9,600. In addition, you might also
qualify for Working Income Tax Benefit, designed to help people with
- Getting married or living with a common-law partner impacts your
taxes. You still have to file separate returns but there are now
joint considerations. If you receive a GST credit and then get
married, your GST credit is calculated based on your combined income.
- Having a child changes your tax situation. You will get the Child Tax
Credit of $2,038 for each child born in 1991 or later and Universal
Child Care Benefit, regardless of the family income. You may also
qualify for the Child Tax Benefit.
- Retiring Canadians have to decide when to start collecting their
Canada Pension Plan (CPP) amount and if pension income splitting can
- If you have become disabled during the 2008 tax year, there are a
number of implications for your tax return. Your doctor needs to
review the criteria on the T2201 medical disability form to be
submitted to the CRA and they will advise whether you qualify.
About H&R Block Canada
H&R Block Canada has been preparing taxes for more than 40 years and is
Canada's leading tax preparation firm. Headquartered in Calgary, Alberta, the
company serves Canadian taxpayers in more than 1,100 offices across the
country. H&R Block Canada Inc. is a subsidiary of H&R Block, Inc., a
diversified company with subsidiaries providing a wide range of financial
products and services. Additional information about H&R Block Canada is
available at 1-800-HRBLOCK or visit www.hrblock.ca for more tax tips.
For further information:
For further information: or to schedule an interview, please contact:
Tina Quelch, Calador Communications, (416) 925-6034, firstname.lastname@example.org