Media Advisory - Life changes can impact your tax situation



    TORONTO, April 20 /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
        low income.

    -   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
        benefit them.

    -   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, tina@calador.ca


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