2009 Personal Tax Returns - New tax breaks

It 's that time of year again, where Canadians must file their personal tax returns for the year 2009 no later than April 30, 2010. There have been several new tax breaks for 2009 that you should know. These new tax incentives will increase the tax refund!

# 1. Basic Personal Amount

The basic personal amount has increased to $ 10,320. This means that the first $ 10,320 of income is exempt from tax.

# 2. Spouse or Common-Law Partner Amount

The spouse or common-law partner amount is increased to $ 10,320. This tax credit is available for the higher income spouse / common law partner. However, it reduced the net income of the spouse / common law partner. For example, if the spouse has a net income of $ 3,000, then the amount available to your spouse claim as a credit is $ 7,320.

# 3. Home Renovation Tax Credit

You can claim a tax credit for renovations made to your home. The tax credit applies to renovations made after January 27, 2009 which are in excess of $ 1,000 to a maximum of $ 10,000. You should consult your accountant to Toronto to see if they are eligible for this tax credit.

# 4. Home Buyers Plan

The maximum amount you can take charge of your RSP is free to purchase a house has been increased to $ 25,000 for the year 2009. This tax incentive is known as the floor of the home buyer. However, you must repay the full amount you originally retired to the RSP in a period of time. The annual repayment is equal to 1/15th of the amount initially withdrawn. You do not have to do a refund for the year of withdrawal, or the following year.

# 5. First time home buyer tax credit

The tax credit first time home buyer $ 5,000 is available to first time home buyers who want to live in the house they buy. The credit is available only for homes purchased after January 27, 2009....