Posts Taged 2016-tax-year

With the tax filing due April 30, we've included some tax deductions for families to notice for the 2016 taxation year.

With the tax filing due April 30, we’ve included some tax deductions for families to notice for the 2016 taxation year.

  • Canada Child Benefit: The Canada child benefit is a tax free monthly payment to help eligible families with the cost of raising children.
  • Child Care Expenses: If your kids attend a daycare or a child care program, you or your spouse might be able to claim what you spent in 2016.
  • Child Disability Benefit: You can qualify for this tax-free benefit if you care for a child under age 18 who is eligible for the disability tax credit.
  • Children’s art tax credit: For 2016, claim up to $250 eligible fees for your child’s prescribed program of artistic, cultural, recreational or development activity.
  • Children’s fitness tax credit: For 2016, claim up to $500 eligible fees for your child’s prescribed program of physical activity.
  • GST/HST sales tax credit: Receive tax-free payments in January, April, July and October if you are eligible.

 
If you have any questions, please contact us and we can connect you with a tax professional.

Continue Reading

With the tax filing due April 30, we've included new tax highlights for the 2016 taxation year.

This tax-filing season, many important changes and improvements were made to services, benefits and credits for Canadians. Here’s what you need to know:

New and Improved Benefits and Credits

  • Canada Child Benefit: The Canada child benefit is a tax free monthly payment to help eligible families with the cost of raising children.

Other Changes

  • Income Splitting Tax Credit: The family tax cut has been eliminated for the 2016 year and future tax years.
  • Children’s Fitness Tax credit: For 2016, claim up to $500 eligible fees for your child’s prescribed program of physical activity.
  • Children’s Art Tax Credit: For 2016 claim up to $250 eligible fees for your child’s prescribed program of artistic, cultural, recreational or developmental activity.
  • Home Accessibility Tax Credit: For 2017 and subsequent tax years, you can claim a non-refundable tax credit for eligible expenses incurred for work performed for a qualifying renovation of eligible dwelling of a qualifying individual.
  • Reporting the Sale of Your Principal Residence: Starting 2016, you are required to report basic information on your tax return when you sell your principal residence to claim the full principal residence exemption.

If you have any questions, please contact us and we can connect you with a tax professional.

Continue Reading