At Metrics we’re proud to be Canadian, and it’s that time of year when we have to pay the taxman to help keep Canada awesome. Welcome to personal tax time. Insert looming deadline here:
The deadline for payment for all personal taxes for 2016 is April 30, 2017.
Here’s some info on tax season at Metrics: if you are a current client, we need all of your necessary documents by Friday, April 14, 2017. These include: T4s, T5s, RRSP contributions, political and charitable donations, medical receipts, etc. Check your email for a detailed message on how to get this information to us. Interest and penalties from the taxman are significant and we want to help you avoid them. Even if you cannot pay your full balance owing by April 30, 2017, you can mitigate interest and avoid the late filing penalty by filing your 2016 return on time.
If you’re not a client, but are interested in making the switch to Metrics, please fill out this quick form to get started.
2017 Tax Changes
This year as Canadians we are experiencing changes on our tax returns. Both in their election campaign and during the months since they took power, the Liberals have created lots of talk of change, but we figured it would be great to give you some concrete information and insight on changes to personal taxes this year.
Here are some major changes to personal taxes this year:
- Sale of principal residence – if you sold your home in 2016, you now need to report the sale on your tax return. Let us know if this is you.
- Canada Child Benefit – this is a tax-free monthly payment for eligible families to help with the cost of raising children under 18. It replaces the Canada Child Tax Benefit and the Universal Child Care Benefit. To get the CCB, you and your spouse need to file a return for every year, even if you did not have income.
- Children’s Arts and Fitness Tax Credits – 2016 will be the last year these credits are available. Let us know if your children were registered in any Arts or Fitness programs in 2016. Also, if you preregistered them in 2016 for programs that start in 2017, let us know as you can claim these payments in 2016.
- Family Tax Cut – The family tax cut allowed a taxpayer to transfer up to $50,000 of income to a spouse with lower income, if they had a child under 18 years old. This was capped at $2,000. Unfortunately, this tax cut has been eliminated for 2016.
And, hallelujah, the CRA has a mobile app.
The CRA app now allows you to view your notice of assessment, tax return status, benefit and credit information, and RRSP and TFSA contribution room. Click here to access it.
As always, don’t hesitate to contact us, if you have any questions: email@example.com