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Once you have filed your tax return, when can you expect to receive your tax refund for 2016? After you have filed your tax return, you can expect to receive your notice of assessment and any applicable refund from the CRA within: 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed return. Please note that these timelines are only applicable if you have filed your tax returns on or before the filing deadline and that it may take longer to process a return if it is selected for a more detailed review. It is...
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Here are some more tax credits and deductions available that you may be able to claim if applicable to your situation: ·         Volunteer firefighter tax credit: Volunteer firefighters may be able to claim a non-refundable tax credit of up to $450. ·         Tradesperson's tools deduction: Tradespersons may be able to deduct up to $500 from their income part of the cost of tools bought throughout the year. ·         Child care expenses deduction: Parents may be able to deduct from their income the allowable amount of child care expenses. ·         First-time donor's super credit: From 2013 to 2017, first time donors may...
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Haven’t filed your taxes yet? Here is a refresher on the tax credits and deductions available this tax season.  If applicable to your situation, you may be able to apply for one or more of the following amounts: ·         Canada child benefit: The CCB is a tax-free monthly amount paid to eligible families to help them with the cost of raising children under the age of 18. Families could get up to $6,400 annually for each child under 6 and $5,400 annually for each child aged 6-17. ·         Northern residents deductions:  You may be eligible for a deduction based on the...
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Here are the Personal Income Tax Measures proposed in the Federal Budget 2017, recently presented by Finance Minister Bill Morneau: ·         Disability Tax Credit – Nurse Practitioners:  The disability tax credit is a 15% non-refundable tax credit that recognizes the impact of non-itemizable disability-related costs on an individual’s ability to pay tax.  For 2017, the credit amount is $8,113, which provides a federal tax reduction of up to $1,217. ·         Medical Expense Tax Credit – Eligible Expenditures:  The medical expense tax credit is a 15% non-refundable tax credit that recognizes the effect of above-average medical or disability-related expenses on an individual’s...
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