There have been some changes to personal income taxes for the 2016 year. Below you will find a list of some of the key changes that could impact your 2016 personal income tax return.
Children’s Arts Amount
The maximum eligible fees per child is now $250.00 (down from $500.00 in 2015), the additional supplement for children with disabilities remains at $500.00.
It is proposed that the Children’s Arts Amount will be eliminated in 2017 and onwards.
Home Accessibility Expenses
There is a maximum claim of $10,000 for eligible expenses incurred to make your home accessible. Generally these expenses can be claimed by:
- An individual eligible to claim the disability tax credit;
- An individual who is 65 years of age at the end of 2016;
- A spouse or common law partner of the individual described in (1) and (2);
- An individual who has claimed either the amount for an eligible dependant, caregiver amount or amount for infirm dependants age 18 or older for the individual described in (1) and (2).
Family Tax Cut
This item has been eliminated for 2016 and subsequent years.
Children’s Fitness Tax Credit
The maximum eligible fees per child is now $500.00 (reduced from $1,000 in 2015). The additional credit for a child with disabilities remains at $500.00. However the Children’s Fitness Tax Credit will be removed in 2017 and subsequent years.
Eligible Educator School Supply Tax Credit
An early childhood educator of a regulated child care facility, a teacher of an elementary or secondary school is eligible to claim teaching supplies of up to $1,000.00.
Sale Of Principal Residence
The sale of a principal residence must now be reported, along with any principal residence designation in 2016.
It is advisable to seek professional advice to deal with your tax, business advisory and accounting needs.
AWFS Consulting Inc. offers professional tax, business advisory, and accounting services to clients. The company’s mission is to offer financial leadership and support to clients in this ever-changing economic environment by empowering clients with financial knowledge.