Tax Changes in 2016, part 1

by in Tax Advice Information and Updates
Tax Changes in 2016, part 1
To help you prepare for the coming tax season, we have listed these tax changes for you to keep in mind when filing your tax return. Please note that some tax changes announced by the CRA are still proposals and not law.  However, if they do become law as proposed, they will be effective for 2016 or as of the dates given.

Changes for Individuals:

1.    Canada Child Benefit or CCB replaced the Canada child tax benefit, the national child benefit supplement and the universal child care benefit as of July 2016. 

2.    Northern residents deductions – the basic and additional residency amounts used to calculate the norther residency deduction have both been increased to $11 per day.

3.    Child’s Arts Amount – The maximum eligible fees per child not including the supplement for children with disabilities has been reduced to $250.  Note that both can no longer be claimed starting 2017 and subsequent years.

4.    Home Accessibility expenses – A maximum of $10,000 for eligible expenses incurred for work done or goods acquired for an eligible dwelling can be claimed.

5.    Family tax cut – This tax cut has been eliminated for 2016 and later years.

6.    Children’s fitness tax credit – The maximum eligible fees per child excluding the supplement for children with disabilities has been reduced to $500. Both will be eliminated in 2017 and later years.

7.    Eligible educator school supply tax credit – As an eligible educator, you can claim up to $1,000 for eligible teaching supplies expenses.

We’ll look into tax changes involving investments and interest as well as other changes in part 2 of our blog series.

Remember, if you have any questions regarding these tax changes, you can count on KD to help you out!

Source:  www.cra.gc.ca
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