The April 30, 2017 deadline for filing 2016 personal income taxes is rapidly approaching.
Now is the time to begin gathering the information necessary to complete your returns.
Highlights of legislative changes to federal and provincial tax laws that have occurred.
Children’s arts amount – The maximum eligible fees per child (excluding the supplement for children with disabilities) has been reduced to $250. Both will be eliminated for 2017 and later years.
Family tax cut – The family tax cut has been eliminated for 2016 and later years.
Children’s fitness tax credit – The maximum eligible fees per child (excluding the supplement for children with disabilities) has been reduced to $500. Both will be eliminated for 2017 and later tax years.
Eligible educator school supply tax credit – If you were an eligible educator, you can claim up to $1,000 for eligible teaching supplies expenses.
Sale of principal residence – The sale of a principal residence must now be reported, along with any principal residence designation, on Schedule 3. Under proposed changes, the CRA will be able to accept a late designation in certain circumstances, but a penalty may apply. In addition, under proposed legislation, for tax years that end after October 2, 2016, the CRA may at any time reassess your income tax return if you fail to report a sale or other disposition of real estate.
If you have any questions or concerns and would like to discuss them or arrange for an appointment, please feel free to call us.
Sabo, Jang & Co. Ltd.
P.O. Box 580
118 McMillan Street S.
Toll Free: (877) 951-2001
Telephone: (250) 951-2000
Fax: (250) 951-2070