Canadian Tax Changes for 2014
The big change for 2014 is the Family Tax Cut, an income-splitting calculation that will reduce tax for certain families.
Family Tax Cut
A non-refundable tax credit of up to $2,000 is now available for eligible couples with children under the age of 18. The credit will (usually) only assist families in which both spouse's have income, with one spouse's income much higher than the other (more info).
Children's Fitness Amount
The maximum amount of eligible fees for each child has increased from $500 to $1,000 (more info). For parents who are wondering: the maximum Children's Arts Amount has not increased (it's still $500).
Universal Child Care Benefit
The government proposes to increase this benefit from $100 to $160/month for children under six (as of Jan. 1, 2015), and that parents also receive a benefit of $60/month for children aged six through 17. Payments of the extra amounts should begin in July 2015, but be retroactive back to the beginning of the year (more info).
Search and Rescue Volunteer Amount
You may now be able to claim an amount of $3,000 as a search and rescue volunteer. You can claim either the Volunteer Firefighters' Amount or the Search and Rescue Volunteer Amount, but not both (more info).
Emergency Services Volunteers
The rules for the $1,000 exemption for emergency services income have changed (more info).
Adoption Expenses
The maximum amount of eligible expenses for each child has increased to $15,000 (more info).
Medical Expense Changes
Salary amounts paid for designing personalized therapy plans for taxpayers eligible to claim the disability tax credit, and costs for service animals used to help manage severe diabetes, are now eligible medical expenses (more info).
Investment Tax Credit
Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 2015 (more info).
GST/HST Credit
You don't have to apply for the GST/HST Credit anymore by checking the box on a tax return. CRA will now automatically determine eligibility when a tax return is filed. For married or common-law couples: the credit will be paid to the spouse whose return is assessed first (more info).