News

2017 – Personal Income Tax Measures

New Canada Caregiver Credit Budget 2017 proposes to eliminate the current Caregiver Credit, Infirm Dependant Credit and Family Caregiver Tax Credit. These three credits will be replaced with a single new tax credit, the Canada Caregiver Credit, which is intended to provide better support to those who need it most, apply to caregivers whether or not they live with their family member and help families with caregiving responsibilities. The Canada Caregiver Credit will provide a 15% non-refundable tax credit for (i) up to $6,883 of expenses incurred for the care of dependent relatives (i.e., parents, brothers and sisters, adult children

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NEW FOR 2016

PRINCIPAL RESIDENCE For 2016 or later, the sale of a principal residence must now be reported on your tax return.  You will receive an exemption from any tax. PURPOSE: To monitor and prevent serial sales of principal residences.  The exemption may be lost to you in subsequent years.   CHILDREN CREDITS Fitness Credit is reduced to $500.00 in 2016 and eliminated in subsequent years. Art amount is reduced to $250.00 in 2016 and eliminated in subsequent years. RATIONALE: The new increased Child Tax Benefit will give parents more tax free dollars to provide these services to their children.   CHARITABLE

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Tax Myths

RESP’S Registered Educational Savings Plans are not a tax planning tool. They can increase tax payments upon withdrawal for both the child and the contributor. The investment aspect can also be in question. TFSA Tax Free Savings Accounts can save you a very small amount of taxes now but cost you much more in tax savings in other areas. INCORPORATING It is important that you are incorporating is for the right reason. Incorporating may prove to be an expensive situation to get into and out of later with little or no tax savings. RENTAL INCOME Rental income is a long

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