Recent Tax Changes that will affect your 2016 Tax Return!!
Children’s fitness & Arts tax credit – As of January 1, 2017, the children’s art’s tax credit and children’s fitness tax credit were eliminated.
Public Transit Tax Credit – As of July 1, 2017, this credit was eliminated. For this tax year, you can claim the cost of eligible public transit expenses only for travel taken from January 1 to June 30, 2017.
Claiming Employment Expenses – You will need a signed T2200 from your employer which must be submitted along with your other documents.
Tuition, education and textbook Credits – As of January 1, 2017, the federal education and textbook credits were eliminated. However, you can still carry forward unused amounts from previous years. Also, with certain conditions, you may now be able to claim the tuition amount for fees you paid tot a post-secondary educational institution for occupational skills courses, even if they are not a post-secondary level.
Medical Expense Tax Credit – If you need medical intervention to conceive a child, you may be eligible to claim certain expenses even if you do not have a medical condition. These expenses are the same as those that would generally be allowable for individuals who have a medical condition. If you had fertility-related expenses for any of the 10 previous calendar years adn you have not claimed them, you can request a change to your income tax and benefit return(s) to include these eligible expenses.
Teachers tax credit – All teachers can claim up to $1000 per year for school supply expenses incurred throughout the year. This is a refundable tax credit and if the maximum is reach it will result in a$150 in tax savings. Must be expenses used in the classroom and be deemed as teaching supplies and not items to enhance the classroom, i.e., Rugs or computers. Must be eligible educator and hold a valid teaching certificate to claim this credit.
TFSA Limits – The annual TFSA dollar limit for the year 2017 is $5,500.
Canada Caregiver Credit – This non-refundable tax credit replaces the family caregiver credit, the credit for infirm dependants age 18 or older and the caregiver credit. It gives tax relief to eligible individuals who have a spouse or common-law partner or a dependant with an impairment in physical or mental functions.
Disability Tax Credit (DTC) Certification – Nurse practitioners across Canada now certify the application form for the DTC.
Online Changes – Registering for My Account can be done while you wait at our office for your appointment or when picking up your completed returns. We would be happy to provide you with the information required to set up your online account. Setting up My Account through the CRA allows you access to all previously filed tax returns, notice of assessments, and payment schedules. You can manage all data online and no longer will you receive mailings from the CRA. This year all Notice of Assessments will be available within 24 hrs of us e-filing your return.