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 other Business Income Tax Measures proposed in the Federal Budget 2017: ·         Meaning of Factual Control; A recent court decision held that, in order for a factor to be considered in determining whether factual control exists, it must include “a legally enforceable right and ability to effect a change to the board of directors or its powers, or to exercise influence over the shareholders who have the right and ability.” This requirement limits the scope of factors that may be taken into consideration in determining whether factual control of a corporation exists. Budget 2017 proposes that the Income...
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Here are the Business Income Tax Measures proposed in the Federal Budget 2017: ·         Investment Fund Mergers - Merger of switch corporations into mutual funds:  Budget 2017 proposes to extend the mutual fund merger rules to facilitate the reorganization of mutual fund corporation that is structured as a switch corporation into mutual fund trusts on a tax-deferred basis. ·         Investment Fund Mergers – Segregated fund mergers:  Budget 2017 proposes to allow insurers to effect tax deferred mergers of segregated funds.  ·         Clean Energy Generation Equipment – Geothermal Energy:  Budget 2017 proposes 3 changes – that eligible geothermal energy equipment under Classes...
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Here are the other Personal income tax measures proposed in the Federal Budget 2017, which was recently tabled by Finance Minister Bill Morneau: ·         Electronic Distribution of T4 Information Slips: Information returns can be sent electronically only if the relevant taxpayer has given express consent in advance. ·         Tuition Tax Credit:  This credit is a 15% non-refundable tax credit of eligible fees for tuition and licensing examinations paid by an individual enrolled at an eligible educational institution. ·         National Child Benefit Supplement:  Budget 2017 proposes to delay the repeal of the National Child Benefit Supplement reference in the Canada Child Benefit...
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