ARCHIVED - What's new for 1995?

We have outlined the major changes below. For more details on these and other changes for 1995, see the areas highlighted in blue throughout this guide.

Completing your return

A number of changes have been made to this package to reduce costs, save paper, and enhance service.

Tax tables -This package no longer includes the tax tables. You now calculate your federal and provincial taxes using the new Schedule 1, Federal Tax Calculation, and the provincial forms included with your package.

Telephone listings - If you received an income tax package in the mail, you will find the telephone listings for your tax services office on the page that contains your personalized labels. You can also find the telephone listings for "Revenue Canada" in the Government of Canada section of your telephone book.

Provincial or territorial information - To serve you better, this information is now in one area of your package. If you received a tax package in the mail, you will find it in the booklet that contains the T1 schedules. If you picked up your tax package from a postal outlet or from us, the information is located near the end of this guide.

Internet access - Our publications are now on-line. However, we will not accept or send client communications over the Internet because of confidentiality and security. Our addresses are: gopher://gopher.rc.gc.ca, ftp://ftp.rc.gc.ca, or .

Direct deposit - You can now ask to have your income tax refund, GST credit, or Child Tax Benefit payments directly deposited into your account at a financial institution by completing the area on page 4 of your return.

Form T1 CSB - We have replaced this form with charts in the guide at line 121.

Repayments under the Home Buyers' Plan - You will need to complete Schedule 7, RRSP Unclaimed Contributions, Transfers, and Designations of Repayments under the Home Buyers' Plan, to designate your repayments.

Line-by- line changes

Age amount (line 301) - If your net income is $49,134 or more, you cannot make this claim.

This guide and return package includes the following income tax changes that have been tabled in the House of Commons. These have not received Royal Assent at the time of printing. Once they become law, they will be effective as of the dates indicated below.

Mortgage foreclosures and conditional sales repossessions (line 127) - If, after 1991, you realized a capital gain as a result of a mortgage foreclosure or a conditional sales repossession, the capital gain is excluded when calculating your claim for the GST credit, Child Tax Benefit payments, age amount, and child tax credit.

Self-employment income (lines 135 to 143) - For fiscal periods beginning after 1994, the rules for reporting your self-employed income have changed. In addition, the filing deadline for individuals with certain types of self-employment income will be changed to June 15, 1996. Generally, if you are the spouse of a self-employed individual, your filing deadline will also be changed to June 15, 1996.

RRSP overcontribution limit (line 208) - Starting in 1996, the $8,000 tolerance for overcontributions to an RRSP will be reduced to $2,000. For more details, get a copy of the income tax guide called RRSP and Other Registered Plans for Retirement.

Transfer of retiring allowances (line 208) - Starting in 1996, you will no longer be able to transfer to your own RRSP any part of your retiring allowance for years of service after 1995. The income tax guide called RRSP and Other Registered Plans for Retirement gives more details on the income that is eligible for transfer.

Repayment of Old Age Security (OAS) pension benefits (line 235) - Starting in July 1996, the amount of your monthly OAS pension will be reduced if you have an OAS repayment for 1995.

Blind or visually impaired persons can get this publication in braille and large print, and on audio cassette and computer diskette. To order, please call 1-800-267-1267 weekdays between 8:15 a.m. and 5:00 p.m. (Eastern Time).

La version française de cette publication est intitulée Guide d'impôt général 1995.