Employment Expenses
Expenses that are paid to earn employment income may be deductible. This is allowable only if your employment contract requires that you pay the expense, and if your employer does not provide an allowance for the…
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…
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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