Tax season is approaching and it is time to gather your tax slips, donations, medical receipts and any other documents relating to your personal tax returns.
There are a few income tax highlights we would like to bring to your attention:
- New filing requirements with respect to a sale of a principal residence.
- This is the last year for the Children’s arts amount. Music lessons and tutoring are both eligible for the Children’s arts amount. You can claim up to $250 per child in 2016.
- This is also the last year for the Children’s fitness tax credit. You can claim up to $500 per child in 2016.
- There is a new eligible educator school supply tax credit. Eligible educators can claim up to $1,000 for eligible teaching supplies.
- Home accessibility expenses. If you are 65 or older or eligible for the disability tax credit, you can claim a maximum of $10,000 for eligible expenses.
If you feel that things are getting just a bit more complicated and you want that professional touch, don't hesitate to contact us.
Our services range from the most basic returns to the complex. We add that professional touch and will help you plan for the future.
We don't just complete your taxes, we look to uncover the hidden tax traps that will save you money!