Repeated failure to report income penalty:  If you failed to report an amount for 2016 and you also failed to report an amount on your return for 2013, 2014 or 2016, you may have to pay a federal and provincial or territorial repeated failure to report income penalty.  If you did not report an amount of income of $500 or more for a tax year, it will be considered a failure to report income. The federal and provincial or territorial penalties are each equal to the lesser of: -      10% of the amount you failed to report on your return for...
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If you owe taxes for the 2016 tax year, the CRA charges compound daily interest starting May 1, 2017, on any unpaid amounts owing for 2016.  This includes any balance owing if you were reassessed. In addition, the CRA will charge you interest on the penalties starting the day after your return is due.  Note that the rate of interest the CRA charges can change every three months.  You will have to check the Prescribed interest rates on the CRA’s website. If you have amounts owing from previous years, the CRA will continue to charge compound daily interest on those amounts. ...
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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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