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2016-2017 Federal Budget

2016-2017 Federal Budget


March 22, 2016 – Ottawa, Ontario – Department of Finance

The Minister of Finance, Bill Morneau, today tabled the new Government of Canada’s first federal budget.

Here are some highlights:

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Call us at 514-954-9031

TAX MEASURES FOR INDIVIDUALS

  • Canada Child Benefit: New monthly tax-free payments starts July 1 to replace UCCB and other tax measures: up to $6,400 a year per child under 6, and $5,400 those aged 6 to 18. But this amount begins to claw back for households with an income over $30,000 and is eliminated entirely for incomes over $190,000.
  • Tax credits:Children’s arts and fitness tax credits phased out by end of 2017. But teachers get a $150 credit for teaching materials.
  • Elimination of Education and Textbook Tax Credits to eliminate the education and textbook tax credits, while leaving the tuition tax credit in place. Other income tax provisions that rely on eligibility for the education tax credit would be unaffected by the elimination of the credit effective January 1, 2017.
  • EI: Changes make it easier to qualify for benefits, and extends benefits for workers in 12 hard-hit regions. Plus: a bigger-than-expected cut in EI premiums next January.
  • Student grants: Increased 50%, to $3,000 for low-income and $1,200 for middle-income students.
  • Seniors: Guaranteed Income Supplement increased by up to $947 annually.

Addition Links:

http://www.budget.gc.ca/2016/docs/plan/toc-tdm-en.html

http://www.budget.gc.ca/2016/docs/plan/toc-tdm-fr.html

Uniforms and special clothing

Uniforms and special clothing

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Call us at 514-954-9031

The cost of special clothing or footwear required for your job is not deductible.  However, special clothing or footwear provided by or reimbursed by the employer will not be considered a taxable benefit to the employee under certain circumstances:

When the employer provides a distinctive uniform, or protective clothing or footwear that is designed to protect them from workplace hazards, this is not a taxable benefit.

  • If the employer pays an allowance to the employee for purchasing these items, and the employee is required to provide receipts, this is not a taxable benefit.
  • If an allowance is paid to the employee for the purchase of protective clothing, and the employee is not required to provide receipts, the amount paid will be a taxable benefit to the employee unless all of the following conditions are met:
    • the law requires the employee to wear the protective clothing on the work site,
    • the employee purchased the protective clothing, and
    • the amount paid is reasonable.

Links:

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/bnfts/prvdd/clthng-eng.html

http://www.cra-arc.gc.ca/E/pub/tg/t4130/README.html

2016-2017 Quebec Budget

2016-2017 Quebec Budget

QUEBEC – Finance Minister Carlos Leitao tabled Quebec’s 2016-17 budget on Thursday.  Here are some highlights:

Finances Quebec
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Tax measures for individuals

  • The budget announced changes to the plan to reduce the health contribution so that it will be entirely eliminated for all taxpayers in 2018
  • The budget has announced the creation of a new refundable tax credit called “RénoVert”.
  • Starting in 2016, the refundable tax credit related to the work premium will be increased for households without children
  • As of 2016, the limits on donations eligible for the tax credit for donations will be eliminated and, as of 2017, the tax credit for individuals whose marginal tax rate is greater than 24% will be enhanced.
  • As of 2018, the age of eligibility for the tax credit for experienced workers will be 62 years.

LINK: http://www.budget.finances.gouv.qc.ca/budget/2016-2017/index_en.asp

Let us prepare your 2015 tax returns

Let us prepare your 2015 tax returns

Let us prepare your 2015 tax returns
Call us 1-877-542-2130
www.expert-fiscaliste.org

We offer convenient, accurate, and affordable preparation of all types of tax returns. We’re equipped to handle any tax situation, including personal returns, rental properties, estate/trust, U.S, corporations, and more.  We’ll make sure that you get the maximum refund possible, and we provide you with tax support after the tax returns are filed.

Here is our PDF version 2015 Let us Prepare your Tax Returns

 

2015 Check List

2015 Check List

2015 Tax Return Checklist
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Tax Returns can be complicated and extremely time consuming.  Tax payers can be particularly challenged and stressed in knowing what information is required in compiling a tax return.   Here our PDF check list to help you prepare the documents that you will need for your 2015 tax return.

2015 Individual Tax Return Checklist

2016 Federal Tax Rates

2016 Federal Tax Rates

2016 Federal Tax Brackets

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Call us at 514-954-9031

• 15% on the first $45,282 of taxable income, +
• 20.5% on the next $45,281 of taxable income (on the portion of taxable income over $45,282 up to $90,563), +
• 26% on the next $49,825 of taxable income (on the portion of taxable income over $90,563 up to $140,388), +
• 29% on the next $59,612 of taxable income (on the portion of taxable income over $140,388 up to $200,000), +
• 33% of taxable income over $200,000.

Link to our PDF version 2016 Federal Tax Brackets

 

2016 Tax Free Savings Accounts

2016 Tax Free Savings Accounts

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Save your tax

Tax-free savings accounts are available for Canadian residents who are 18 years of age or older. The first tax year that they were available was 2009.
There is no deadline for contributions to a TFSA, as the unused contribution room is carried forward into the next year. However, a withdrawal in any year increases the TFSA room in the following calendar year. Thus, if you are thinking of making a withdrawal close to year end, make sure it is done by December 31st, in order to have the withdrawal amount added back to the TFSA room sooner.

For additional information in PDF format: 2016 TFSA summary