We list the service enhancements and major changes below, including announced income tax changes that are not yet law at the time of printing. If they become law as proposed, they will be effective for 2015 or as of the dates given. For more information about these changes, see the areas outlined in the General Income Tax and Benefit Guide – 2015.
Canada Revenue Agency services
MyCRA – This is a new mobile application that lets you securely view and change key tax information. See MyCRA – the web app for individual taxpayers on the go.
Auto‑fill my return – The Canada Revenue Agency (CRA) can automatically fill in much of your tax return if you file electronically. See Auto-fill my return.
Individuals and families
Universal child care benefit (UCCB) – The UCCB has increased to $160 per month for each qualified dependant under 6 years of age and there is a new benefit of $60 per month for each qualified dependant aged 6 through 17. See Universal child care benefit (UCCB).
Family caregiver amount for children under 18 years of age (line 367) – The amount for children under 18 years of age has been eliminated and replaced by the enhanced universal child care benefit. Line 367 is now used for the family caregiver amount for children under 18 years of age.
Family tax cut (line 423) – For 2014 and later years, the calculation for the family tax cut has been revised to allow unused tuition, education, and textbook amounts transferred from a spouse or common‑law partner. See line 15 of Schedule 1‑A, Family Tax Cut.
Children’s fitness tax credit (lines 458 and 459) – The children’s fitness tax credit is now a refundable credit.
Interest and investments
Other deductions (line 232) – The minimum amount that must be withdrawn each year from a registered retirement income fund (RRIF), variable benefit money purchase registered pension plan (RPP), and pooled registered pension plan (PRPP) has been reduced. If you have withdrawn more than the reduced 2015 minimum amount, all or part of the excess may be eligible to be re‑contributed to a RRIF, RPP, account under a PRPP, or to buy a qualifying annuity and deducted on line 232.
Capital gains deduction (line 254) – The lifetime capital gains exemption for dispositions of qualified farm or fishing property made after April 20, 2015 has increased to $1,000,000, resulting in a capital gains deduction limit of $500,000. See Guide T4037, Capital Gains.
Interest paid on your student loans (line 319) – Interest paid on a Canada Apprentice Loan amount for registered Red Seal apprentices can be claimed on this line. For more information about the Canada Apprentice Loan, go to Service Canada.
Investment tax credit (line 412) – Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 2016.
Form T1135, Foreign Income Verification Statement – This form has changed to introduce a simplified reporting method for individuals who own specified foreign property with a total cost of less than $250,000 throughout the year. See Form T1135.
Tax‑free savings account (TFSA) – The TFSA annual contribution limit has increased to $10,000.
Repeated failure to report income penalty – Canada Revenue Agency may now charge you this penalty only if the amount of income you failed to report on your return was $500 or more. The calculation of the penalty has changed. See Repeated failure to report income penalty.