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.
- 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.