TaxTips.ca - Canadian tax calculator 2008

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		Choose your province				Tax Year	2008
				Taxpayer		Spouse
Birth year							Combined Taxes Payable
Birth month (needed for CPP premiums if turning 18 or 70 during year)							Taxpayer
Are you eligible to claim the disability amount tax credit?							Spouse
Are you single? (must be "N" to calculate spouse tax)							Total
Are you eligible to claim the working income tax benefit?
Information re dependent children and eligible dependent tax credit
# children age 16 or less at Dec 31 of tax year -born
# children age 17 at Dec 31 of tax year -born					# children age 18 at Dec 31
Total # children age 17 or less at Dec 31					Total # children age 18 or less at Dec 31
If not single, claim Federal child amount tax credit on the return of
	If eligible, claim the equivalent to spouse (eligible dependent) tax credit for ONE of the following dependents:
child age 18 or less at the end of year
Age of child end of year (zero if under 1)
OR other eligible relative
Net income of dependent claimed as equivalent to spouse
Income information							Taxable Income
Income from:				Taxpayer		Spouse	Taxpayer	Spouse
	Employment
	Are you required to pay employment insurance (EI) premiums on the above earnings?
	Self-employment
	Universal child care benefit:
	- will be claimed by spouse with lower "net income before adjustments"
	Employment insurance benefits (EI)
	Old Age Security (OAS)
	CPP retirement or disability pension
	# months in year collecting CPP pension
	Capital gains in excess of capital losses (zero if negative)
	Cdn dividends eligible for enhanced div tax credit (public companies)
	Cdn dividends eligible for small business div tax credit (CCPCs)
	RRSP/RRIF withdrawals (when not eligible for pension tax credit)
	Other income
	Pension income (eligible for pension tax credit for persons 65+)
	Qualified pension income (eligible for pension credit for any age)
	Qualified pension income (eligible for pension tax credit even if taxpayer is under 65) includes - life annuity payments from a superannuation or pension plan - pmts from a RRIF, or annuity pmts from an RRSP or from a DPSP, received as a result of the death of a spouse or common-law partner.
Total income for tax purposes - line 150

Pension splitting - maximum allowable is 50% of eligible pension income. Make sure birth year entered for both Taxpayer and Spouse.
	Number of months married or living common-law
A.	Total pension income eligible for pension tax credit (based on age)
	Maximum pension amount transferable (50% x A/12 x #months married)
	Amount that you are electing to transfer - from taxpayer to spouse
	Amount that you are electing to transfer - from spouse to taxpayer
	Transfer of pension income	$ from taxpayer to spouse
		$ from spouse to taxpayer

	After pension splitting - pension income eligible for pension tax credit
	Transfer of tax withheld from eligible pension income:
	Total tax deducted from pension income of taxpayer
	Total tax deducted from pension income of spouse
Deductions							Taxpayer	Spouse
	RRSP deduction
	Other deductions
	Deduction for 50% of CPP on self-employment income
Net income before adjustments (for calculation of clawbacks, zero if negative) - line 234
	Clawback of EI and OAS
Net income for tax purposes - line 236
	Net capital losses of other years (after Oct 17, 2000)
	Non-capital losses of other years
Taxable income (zero if negative) - line 260
	Less dividend gross-up
	Add back non-taxable portion of capital gains less capital losses carried forward
	Add back clawbacks (the clawbacks are treated as another tax for the average tax rate calculation)
Adjusted taxable income (zero if negative) for average tax rate calculation at bottom
NON-REFUNDABLE TAX CREDIT INFORMATION
				Taxpayer		Spouse
	Public transit costs
	Child fitness amounts Fed/MB/YT- max $500 for each child age 16 or less
	NS Sport/recreation amounts - max $500 for each child age 17 or less
	Medical expenses-usually best claimed by lower income spouse
	Charitable donations-usually best claimed by higher income spouse
Medical and donations can be claimed by either spouse-see which one works best. Donations can be carried forward and used in a future year.
Medical expenses can be claimed for any 12 month period ending in the tax year.
Home renovation and homebuyer tax credits can be shared by spouses - see what works best.
Students
	Student loan interest (can be carried forward up to 5 years)
Unused tuition/education/text amounts from prior year:			Federal
			Provincial
Resident of different province at the previous year end - use the federal unused tuition/education/textbook amount as the provincial amount, unless moved to ON or PE. If moved to ON from QC use federal amount, otherwise use provincial amount. If moved to PE from QC use federal amount, otherwise use lower of federal or provincial amounts.
	Eligible tuition fees
	Federal education/textbook amounts	Part time- # of months
		Full time - # of months
		Part time
		Full time
	Unused tuition/education/textbook amounts before transfers to spouse		Federal
			Provincial
	Maximum allowable transfer from spouse		Federal
			Provincial
	Unused amounts to transfer from spouse		Federal
			Provincial
Tax credits for age, pension, disability, and child (except NS and PE child under 6) amounts are automatically transferred to other spouse if unused.
TAXES AND PREMIUMS				Taxpayer			Spouse
				Federal			Federal

	Basic personal amount
	Spouse/equivalent
	Age amount
	Senior supplementary (SK)
	Dependent children under 18 (Fed, YT), SK under 19
	Amount for children under 6 (NS, NU, PE) = UCCB
	Family tax benefit (MB)
	Employment credit amount (Fed/YK)
	Pension amount
	Disability amount
	Public transit amount (Federal only and YT only)

	Employment insurance
	CPP on empl earnings
	1/2 CPP on self-empl earnings
	Tuition, education and textbook amounts
	Amounts transferred from spouse
	Student loan interest
	Medical expenses
	Total amount for non-refundable tax credits (B)
	Non-refundable tax credits @ (B) x
	Donations tax credit
	Enhanced dividend tax credit
	Small business dividend tax credit
	Total non-refundable tax credits (C)

	Additional tax for alternative minimum tax (AMT)
	Provincial surtax
	Low income tax reduction
	Federal refundable medical expense supplement