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Completing a tax return

Topics for Completing a tax return

Personal and address information Reporting income
Search by line or topic on how to report income.
What you can deduct
Search by line or topic on what you can deduct.		 Slips (T4s and more)

What's new for 2006

We list the major changes below, including income tax changes that have been announced but have not become law at this time. If they become law as proposed, they will be effective for 2006.

  • Universal Child Care Benefit  -  Since July 2006, if you are an eligible individual responsible for the care of a child under 6 years of age, you are eligible to receive $100 per month for each qualified dependant.
  • Provincial parental insurance plan  -  This is a new income replacement plan for residents of Quebec. See your guide from Revenu Québec for details.
  • Taxable amount of dividends (eligible and other than eligible) from taxable Canadian corporations  -  There are now two types of dividends.
  • Taxable capital gains  -  After May 1, 2006, the capital gains inclusion rate for donations of publicly-listed securities and ecologically-sensitive land to qualified donees is zero. See Pamphlet P113, Gifts and Income Tax, for details.
  • Other income  -  Certain scholarships, fellowships, and bursaries are excluded from income if you are entitled to claim the education amount.
  • Tradesperson's tools expenses  -  A portion of the cost of eligible tools acquired by you as an employed tradesperson after May 1, 2006, is deductible. See Guide T4044, Employment Expenses 2006, for details.
  • Non capital losses of other years  -  For non capital losses incurred in tax years after December 31, 2005, the loss carry forward period has been extended to 20 years.
  • Capital gains deduction (line 254)  -  After May 1, 2006, a capital gain resulting from the disposition of qualified fishing property is eligible for this deduction. See Guide T4037, Capital Gains, for details.
  • Basic personal amount  - The amount has increased to $8,839.
  • Age amount  - The maximum amount is increased. See line 301 for details.
  • Spouse or common-law partner amount - The maximum amount has increased. See line 303 for details.
  • Amount for an eligible dependant  - The maximum amount has increased. See line 305 for details.
  • Pension income amount  -  The maximum amount of eligible pension income that can be used to calculate the credit is increased to $2,000.
  • Textbook amount  -  You can now claim an amount for textbooks if you are entitled to claim the education amount. See line 323 for details.
  • Canada employment amount  -  All employees are eligible to claim this credit. See line 363 for details.
  • Public transit passes amount  -  You can claim the cost of public transit passes after June 30, 2006. See line 364 for details.
  • Investment tax credit  -  The deadline to claim a tax credit for renounced Canadian exploration expenses has been extended.

For investment tax credits earned in a year that ends after 2005, the carry forward period has been extended to 20 years.

An apprentice job creation tax credit is available if you are a self-employed individual who employs an eligible apprentice in your business.
  • Federal dividend tax credit  -  There are new calculations for this credit.
  • Refundable medical expense supplement  -  The maximum amount is increased to $1,000.
 

Important dates

Generally, your return for 2006 has to be filed on or before April 30, 2007.
Your balance owing for 2006 should be paid on or before April 30, 2007.

Self-employed persons - If you or your spouse or common-law partner carried on a business in 2006 (other than a business whose expenditures are primarily in connection with a tax shelter), your 2006 return has to be filed on or before June 15, 2007. However, if you have a balance owing for 2006, you still have to pay it on or before April 30, 2007.

Deceased persons - If you are the legal representative (the executor, administrator, or liquidator) of the estate of an individual who died in 2006, you may have to file a return for 2006 for that individual. See
Preparing Returns for Deceased Persons for more information.

Completing your tax return

Be sure to correctly fill out the personal and address information section of your return or correct the information on your personalized label.

Report income from all sources.

Claim all deductions and tax credits for which you are eligible.

Forms and publications

Related topics

Date Modified: 2007-01-02

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