Unfortunately it's that time of year again when we try to figure out how we have to give or try to maximize our refunds.
Some significant changes during the year. The Universal Child Care Benefit which was taxable went away in June to be replaced with the new non-taxable Canada Child Benefit. With this change it was the end of the Children’s fitness tax credit and Children’s arts amount which were effectively cut in half for 2016 given the half year change. Nothing going forward. [For most qualifying individuals, they will end up ahead under the new plan]
Disabled individuals have a tax credit on up to $10,000 in eligible expenses for work done or goods acquired for an eligible dwelling. Educators can claim up to $1,000 in eligible teaching supplies that they have purchased personally.
Finally, you must now report the sale of a principal residence. Probably not a taxable sale but reporting it is required. If you fail to report the sale it is proposed that your return for that year can be reassessed at any time, not the normal 3 year period.
If you need (or want) details on any of these changes, please let us know.
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R Brenton Driscoll, CPA, CA
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Thursday evening by appointment