Our tax season hours will be Monday to Saturday 8 am until 5 pm March to end of May (excluding April 14, 15 & May 20, 22)
Filing deadline for 2016 personal income tax returns are Monday May 1, 2017. Even if you can’t afford to pay -file to avoid the late filing penalty.
WHAT’S NEW FOR 2016?
- Child Benefits – As of July 2016, the Canada Child Benefit (CCB) has replaced the Canada child tax benefit (CCTB), the national child benefit supplement (NCBS) and the universal child care benefit (UCCB). The CCB is a non-taxable You will still get a tax slip of the UCCB (RC62) for the first 6 months of 2016.
- The federal family tax cut that was applicable to 2014 and 2015 has been eliminated for
- Children’s arts amount – federally the maximum eligible fees per child has been reduced to $250. The BC amount remains the same at a maximum of $500. Children with disabilities amount remains the same at an additional $500. The federal portion will be eliminated in 2017.
- Eligible educator school supply tax credit – this is a federal credit if you were an eligible educator, you can claim up to $1,000 for eligible teaching supplies expenses that you paid for yourself and were not Examples Software, board games, books.
- The BC education coaching tax credit – you can claim $500 if you are a teacher or a teaching assistant who carried out at least 10 hours of eligible coaching activities in the
- The BC Back to School amount – you can claim $250 for each child who is at least 4 years of age and under 17 years of age at the beginning of 2016 if you or your spouse are the parent or legal guardian of that
- BC Farmers’ Food donation credit – if you or your spouse were a farmer in the year and you made a agricultural product donation to a registered charity that provides food or meals to people in the year
- Home accessibility expenses – you can claim a maximum of $10,000 for eligible expenses you incurred for work done or goods acquired for an eligible
- Sale of principal residence – the year of acquisition, the date of the sale and the proceeds of disposition must be reported starting in
REMEMBER – Canada Revenue does not use email or texts, it does not allow you to pay by credit card or prepaid credit card and Canada Revenue will never threaten you with arrest or jail.
Our firm provides the information in this publication for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind.