What’s New for 2016 Tax Returns:

RRSPs

The deadline for contributing to your own or your spousal RRSP is March 1st, 2017 Deduction limit for 2016 is 18% of earned income in…

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Children and Families

The Federal Children’s Fitness Tax Credit has been reduced to $500 per child for sports and activities. Please note, this credit will be eliminated in 2017.

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Students

Tuition fees paid to accredited post-secondary schools and reported on a Tuition Tax Credit form (T2202A) are allowable…

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Medical Expenses

Often overlooked, this is one area where taxpayers should be careful to keep receipts. Even if you have not kept all receipts, call the doctor…

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Canada Pension Plan

Self-employed individuals – you are contributing to the CPP and may not notice it, it’s included as part of the tax calculations…

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Corporations

News specific to small-business corporations. What to file and when, how to take money out of your corporation. Learn or refresh…

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Tax Free Savings

The TFSA contribution limit for 2016 has been reduced to $5500…

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Tax Scams

There are a number of scams making the rounds in recent months and we have had more inquiries than ever…

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Federal Tax

The newly elected Liberal government proposed a number of changes to the income tax system when it presented a Notice of Way…

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