Children’s Art and Fitness Tax Credit
For 2016, the maximum eligible fees for the children’s art amount is reduced from $500 to $250 and the children’s fitness amount is reduced from $1,000 to $500. Both credits will be eliminated in 2017. Save
Tax Rates and Charitable Donations
Effective 2016, a new federal personal income tax bracket and rate were introduced. Taxable income in excess of $200,000 is subject to a federal income tax rate of 33%. In connection with this new federal income…
Canada Child Benefit
Effective July 1, 2016, the Canada Child Benefit (“CCB”) replaced the Canada Child Tax Benefit (“CCTB”), the National Child Benefit Supplement (“NCBS”), and the Universal Child Care Benefit (“UCCB”). For the Canada Revenue Agency explanation of…
Chris Reimer promoted to Manager
On behalf of the Partners at Walsh King LLP, we are please to announced that Chris Reimer has been promoted to Manager, effective April 1, 2017. Congratulations Chris!
Family Tax Cut to be eliminated for 2016
The Family Tax Cut, which allowed for a limited form of income splitting, has been eliminated for 2016 and later years. For information on changes to CRA’s Income Splitting Credit click HERE.
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