A clarification on the digital tax credit
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Hey there, time traveller!
This article was published 18/02/2021 (1935 days ago), so information in it may no longer be current.
Because of considerable interest in the new digital news subscription tax credit, the Sun would like to clarify how it will handle the process.
Firstly, Canada Revenue Agency does not require that you include your subscription receipts with your tax return. However, you need to keep some documentation about your subscription in case you are audited.
By the end of this month, the Sun will email all subscribers — to the email attached to their account — a receipt telling them how much they are able to claim under this tax credit, which can then be used as documentation in the case of an audit.
If you do not have an email associated with your account, you can email circ@brandonsun.com with your name, address and phone number to have your email added.
If you do not receive your receipt by email by Feb. 28, you can also email circ@brandonsun.com to ask for the receipt.
If you do not have an email address, you may call the Sun’s office to provide the email address of someone you trust that can receive and print off the receipt for you.
Please do not phone The Brandon Sun office asking for your receipt. The Sun will not be sending out or printing off physical receipts for any subscribers.
Remember that the tax credit is only for digital subscriptions to news outlets. People with physical subscriptions to the Sun can still claim the value of a digital subscription of the same length as digital access is included.
The formula to determine how much you can claim is as follows, based on the length of subscription:
• Maximum qualifying amount per monthly subscription payment: $12.42 + 5% GST = $13.04
• Maximum qualifying amount per 13-week subscription payment: $12.02 x three months + 5% GST = $37.86
• Maximum qualifying amount per 26-week subscription payment: $11.93 x six months + 5% GST = $75.16
• Maximum qualifying amount per annual subscription payment: $11.87 x 12 months + 5% GST = $149.56
If a subscription expense is split between roommates, spouses, partners, etc., then the credit can be split provided the total amount claimed does not exceed the above maximum amounts.
While multiple subscriptions can be claimed, individuals can only claim a maximum of $500 for their 2020 tax return under the credit.
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