2017 Personal Tax Returns

2017 Personal Tax Returns

The 2017 tax filing season officially starts on February 26, 2018 when CRA re-opens it’s EFILE services for professional tax filers. We have met with clients and completed several returns already!

We have launched our cpa100.ca website for 100 Mile House residents where you can download our handy tax checklist, learn about our tax return preparation process, and find answers to some common questions.

Click here to download our PDF tax checklist. 

Remember, the deadline to file and pay your taxes is April 30, 2018. If you or your spouse is self-employed, you have until June 15, 2018 to file your return, however any taxes owing would still be due by April 30, 2018.

The following are changes to be aware of for this 2017 filing season:

Sale of Principal Residence
Last year for 2016, CRA introduced the requirement to disclose the sale of your principal residence during the year on Schedule 3 of your tax return. In 2017, if you disposed of your principal residence and wish to designate the principal residence for a tax-free transaction, CRA also requires that you fill out and sign form T2091.

Children’s Arts and Fitness Tax Credits
Children fitness and arts credit has been eliminated federally. However, in BC, the provincial credits are still available for one more year in 2017. Maximum claim amount for both provincial credits is $500 per child. Be sure to dig up or request receipts for hockey, gymnastics, music lessons, and even horse back riding.

Education and Textbook Credit
The education and textbook credit has been eliminated. However, the tuition amount is still in place. Don’t forget to download your T2202A receipts from your post-secondary educational institution student portal.

Canada Caregiver Credit
The Canada Caregiver Credit has been introduced in 2017 which consolidates and replaces 3 credits from 2016: infirm dependent credit, caregiver credit, and family caregiver credit. This should simplify the claiming of any caregiver credits.

Public Transit Pass
The Public Transit Pass credit has been eliminated effective July 1, 2017 so you’re still able to claim receipts up to June 30, 2017.

About the Author

Stewart Stolz
Stewart Stolz is a Chartered Professional Accountant and is the principal of Stolz Chartered Professional Accountant Inc. providing accounting, tax, and consulting services to small businesses, individuals, families, non-profit organizations, and Aboriginals.

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