Highlights of Personal Tax
CRA will not contact you and demand gift cards as forms of payment. Canada Revenue Agency will never ask you for information about your passport, health card or driver’s license. They will also not threaten to call the police or become verbally abusive with you.
- Keep your Notice of Assessment and verify your RRSP limit along with other valuable information. Provide copies of it to your accountant, financial advisor or other financial professional (banker, mortgage broker...etc.).
- Bring your Property Taxes with your taxes. We want to ensure you’ve received your Manitoba Education Property Tax Credit Advance - $700.00 in 2017.
- Did you sell your house in 2017? You need to report it on your income tax return for 2017 and future years. It is not taxable, but it does have to be reported. Failure to report penalties are the lesser of the following amounts: $8,000.00; or $100 for each complete month from the original due date to the date your request was made to CRA.
What we need from you: address of home sold, date of when you purchased the home, what your purchase/selling price was.
- Do you have children? The child tax credit for arts and fitness is gone. Since this tax credit was capped at a maximum of $500 for fitness and $250 for arts per child in 2016, its removal will not likely have a major impact on most people’s 2017 return.
- Caregiver Amounts - Prior to 2017, three credits were available for those in need of assistance: caregiver credit, infirm dependent credit and family caregiver tax credit. To simplify the process and to recognize the need to provide financial support to caregivers, a new Canada caregiver credit will provide a 15% non-refundable tax credit maximizing at $6,883 of expenses for the care of parents, brothers and sisters, adult children and other specified relatives who have infirmities. An additional tax credit up to $2,150 on expenses is available for the care of a dependent spouse, a common-law partner, or a minor child with infirmities. The tax credit will be calculated using a formula that reduces the credit dollar for dollar once the dependent’s net income exceeds $16,163.
- Various tax amounts – including maximum RRSP contributions, tax brackets and maximum amounts of various credits – will increase in 2017 to reflect inflation but the tax-free savings account limit remains at $5,500.
For a full list of changes, please go to the CRA website: https://www.canada.ca/en/revenue-agency.html
4-1320 Concordia Ave East Winnipeg, MB R3W 0G6 ph: 204-334-1301 fax: 204-334-1555