Some changes regarding personal and business income taxes for the year 2003.
- For Persons working in the transportation industry When claiming meals on the TL2 form the amount you can claim has been increases from $11 to $15 per meal. For those incurring expenses in the USA, the maximum limit has been increased to 42 cents for the first 5000 km and 36 cents per km after 5000 kms.
- For Small Business Corporations
- For Students claiming tuition etc.
- For Persons claiming medical expenses
The amount of eligible earnings for the 12% small business tax will increase from $225,000 to $250,000 for the year 2003 and will increase again in 2006 to $300,000.
Students wanting to claim tuition must have a 2202A from the institution they are attending. Books and housing expenses are not allowed as they are included in the amount you are allowed to claim per month if you are a full time student. If the student doesn’t need to claim tuition because their income is too low, they can transfer their claims to parents, grandparents or spouses.
The amount you can claim per km for out of town medical appointments has been increased from 41.5 cents to 44 cents. The travel distance must be at least 80km return before you can claim the kms. The meal allowance has also been increased from $11 per person to $15 per person. If another person is required to accompany the patient, you can claim one more person for the meal expense. There is a maximum of one patient and one attendant per trip for the purpose of making travel and meal claims.
For medical expenses, did you know that you can claim:
- Wigs made to order for individuals who have suffered abnormal hair loss owing to disease, medical treatment, or accident.
- Needles and syringes designed to be used for the purpose of giving injections.
- Any device or equipment, including parts, designed exclusively for a patient who is suffering from chronic respiratory ailments or a severe chronic immune system disregulation to assist the individual in breathing.
- Air or water filter or purifiers to be used by an individual suffering from a suffering from a severe chronic respiratory ailment or a severe chronic immune system disregulation.
- 50% of the cost of an air conditioner prescribed by a medical practitioner for an individual with a severe chronic ailment, disease or disorder, to a limit of $1,000.
There is a refundable tax credit for persons with low income and high medical expenses.
For additional tax information regarding your 2003 income tax, please contact:
Miramichi City Accounting Services
114 Pleasant Street
Miramichi, NB E1V 1X7
Telephone (506) 622-1914 or (506) 622-4969