Major changes for the 2009 tax year

We list the major changes below. For more details on these and other changes, see the areas outlined in the General Income Tax and Benefit Guide -2009.

Registered disability savings plan (RDSP) (lines 125 and 232) - The deadline for opening an RDSP, making contributions, and applying for the matching grant and the income-tested bond for 2008 was extended from December 31, 2008, to March 2, 2009. The 2009 RDSP contribution year began March 3, 2009.

Apprenticeship completion grant (line 130) - The income received from an apprenticeship completion grant is claimed on line 130.

Basic personal amount (line 300) - The amount has increased to $10,320.

Age amount (line 301) - The maximum amount has increased to $6,408.

Spouse or common-law partner amount (line 303) - The maximum amount has increased to $10,320.

Amount for an eligible dependant (line 305) - The maximum amount has increased to $10,320.

Home renovation expenses (line 368) - For 2009 only, an amount for eligible expenses incurred for work performed or goods acquired after January 27, 2009, and before February 1, 2010 can be claimed.

Home buyers' amount (line 369) - An amount of $5,000 can be claimed for qualifying homes purchased after January 27, 2009 (closing after this date).

Investment tax credit (line 412) - The deadline to claim the mineral exploration tax credit on qualifying expenses renounced under flow-through share agreements has been extended to March 31, 2010.

Home Buyers' Plan (HBP) - The maximum amount allowable to withdraw from an RRSP under the HBP has increased to $25,000. For more information, see Guide RC4135, Home Buyers' Plan (HBP).

Final return of a deceased person - If an unmatured RRSP or RRIF of a deceased person decreases in value following death, and the final payment from that RRSP or RRIF is made after 2008, a deduction may be claimed on the final return of the deceased person for that decrease in value. For more information, see Guide T4040, RRSPs and Other Registered Plans for Retirement.

Date modified:

2011-02-11