Estate Planning: Making and Updating your Will. https://t.co/IRsdSj4gpQ
Tax Changes in 2016, part 1in Tax Advice Information and Updates
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!