CGA is going to change its program starting September 2006. Changes will not affect current students and will be implemented for new students entering the program in the 2006/2007 academic year.
In summary, current students only need to write one final examination—PA1.
By the new certification program the Association requires PA1 as well as a comprehensive exam that encompasses a strategic financial leadership course.
For more information please contact your CGA office in your area.

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1. Understand what can be claimed. According to the CRA, tuition expenses includes
“a course qualifies if it was taken at the post-secondary level or (for individuals aged 16 or over at the end of the year) it develops or improves skills in an occupation and the educational institution has been certified by Human Resources and Skills Development Canada.”
The amount paid to each educational institution must be more than $100 for the year in order to be claimed. You cannot claim other expenses, such as books, board and lodging, or students’ association fees.
However, you can also claim an education credit for each month spent as a full-time or part-time student.
2. If you are full-time student you are eligible to claim moving expenses. If you moved at least 40 kilometres closer to school, read up on the rules for applying moving expenses against your income.
3. If you cannot fully use the credit that comes from your tuition and months at school, the tuition and education credits can be carried forward and used in later years against your income when you are employed. They may also be transferred (in the current year only) to a supporting individual to your spouse, parents or grandparents, up to a maximum of $5,000 per year. If you are not using software, the worksheet on the reverse of the T2202A is used to calculate your tuition amount. Work with your parents to decide the best treatment of this deduction.
4. Interest on approved provincial and federal student loans is tax deductible and may be carried forward if you cannot use the deduction in the current year. When negotiating your loan, be sure your loan is provincially or federally approved.
5. The amount of a scholarship is deductible up to $3,000. In Quebec only, income from bursaries or other such financial assistance are no longer taxable in the province of Quebec. Be sure to include these amounts appropriately on your tax forms.
6. You will need an official tax receipt or a completed Form T2202A, Tuition and Education Amounts Certificate issued by the institution. Don’t lose it…
7. Keep track of unused amounts from year to year. A quality tax software will carry amounts such as unused loan forward for use in future years.

Canada’s New Government Announces Tax Fairness Plan Jim Flaherty, Minister of Finance recently announced a Tax Fairness Plan for Canadians. The plan will restore balance and fairness to the federal tax system by creating a level playing field between income trusts and corporations.
Additional details are available on the Department of Finance web site.

What follows is a summary of the changes: The first step in earning the CMA designation, completing a university degree with the pre-requisites and/or successfully completing the CMA Accelerated Program will remain unchanged. Continue to work towards your eligibility to write the CMA Entrance Examination exactly as you have been doing. * Effective June 2007, the CMA Entrance Examination will consist of one, four-hour multiple-choice exam. The exam will test candidates on the technical skills required to enter the Strategic Leadership Program, including financial and management accounting, corporate finance and taxation. This exam will be offered twice per year, in June and October. An official CMA Ontario customized preparation program will be offered prior to the exam. * Successful candidates will enter the Development Phase of the Strategic Leadership Program (SLP). The renewed SLP will build on the foundational prerequisites by integrating the competencies that define and differentiate a CMA - competencies that employers expect from a strategic management accounting professional. * Upon completion of the SLP Development Phase, candidates will be required to write the CMA Case Exam. This four-hour exam will test a candidate’s understanding of the competencies and the higher order skills of strategic thinking, analysis, integration, judgment and written communication introduced thus far in the program. This exam will be offered twice per year, in May and September. * Candidates will then enter the Application Phase of the SLP. Fostering group development as well as focusing on Communication, leadership, decision-making, ethics and problem solving skills will be at the core of this Phase. * The final evaluation component of the SLP remains the CMA Board Report. Here candidates will demonstrate, both orally and through a written submission, their mastery of the knowledge and competencies to join the profession - and become Certified Management Accountants. * The time-line for completion of the program elements remains unchanged at two years. * The practical work experience for the program remains unchanged at 24 months of relevant full-time practical experience, with a minimum of six months in a managerial environment. * Candidates will be allowed three attempts at each of the examinations. CMA Canada and its provincial partners are committed to an accreditation process that is rigorous and meets the rapidly changing needs of business. By adopting a competency-based approach to accreditation, the Society can meet this important objective while heightening the profile, influence and image of CMAs as the leaders in strategic management accounting. To best answer your questions and view a diagram of the new process, we ask that you please visit www.cma-ontario.org/renewal for more information. You are also welcome to attend CMA information sessions taking place across the province in early November. A schedule is posted on the above website. Thank you, and all the best in your studies.

CRA’s release regarding the Source Deduction Remittances
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2007 Personal Income Taxes Rates from CRA
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