Tips

Please accept the following tips and suggestions to help you make informed decisions


Personal

  • Northern Residence Deduction: Amounts increased to $11 per day effective January 1, 2016
  • Teacher & Early Childhood Educator School Supply Tax Credit: Effective January 1, 2016 Refundable Tax Credit on amounts spent on school supplies up to a maximum of $1,000
  • Federal Home Accessibility Tax Credit (HATC):
    - Effective for repairs done from January 1, 2016 and onwards
    - Qualifying Expenses to a maximum of $10,000 per year
    - Non-refundable tax credit
    - Must be 65 years of age or older
    - Or be eligible to claim Disability Tax Credit (DTC)
  • Moving Expense Deductions: Did you move this year? Was it to attend school, for a new job or to start a business? Let us know as you may be eligible to claim your moving expenses!
  • Family Tax Cut: Income splitting for families has been removed for the 2016 Personal Tax Return filing year
  • Child Arts Tax Credit: Registration or memberships in prescribed programs enhancing the artistic, cultural, recreational or developmental activity can allow you to claim up to $250!
    Non-refundable Tax Credit
    Eliminated for the 2017 tax year
  • Child Fitness Tax Credit: You can claim up to $500 in registration and membership fees!
    Refundable Tax Credit
    Eliminated for the 2017 tax year
  • Canada Child Benefit (CCB): New Program that replaces the Universal Child Care Benefit (UCCB) and Canada Child Tax Benefit (CCTB) started July 20, 2016
    A non-taxable benefit based on the number of children, the ages of the children, and the Family Net Income
    You will still receive tax slips for UCCB from January-July 2016 for the 2016 Tax Filing
  • Remember to save ALL your receipts!

Corporate

  • SCAMS
    There have been several scams claiming to be CRA coming as
    • - Phone calls
    • - Emails
    • - Text Messages
    CRA usually uses written correspondence to communicate with you
    If the CRA calls you, tell them to contact your representative on file (Fiander Marr Professional Corporation)
    Do Not Give Any Personal Or Financial Information!
  • If the CRA calls... Give them our number. It's easier to have us communicate with the agents to obtain a full understanding of what they are looking for
  • Contact us for your customized tax optimization strategy and be sure to notify us of any business and life changes. We are here to help!
  • Remember to save ALL your receipts!

Investments

  • DID YOU SELL YOUR HOME IN 2016? If so. . .We need to know! Starting with the 2016 tax year, CRA is requiring all individuals who sell their principal residence to report the sale on their tax return. To avoid penalties, please talk to us.
  • New Home Owners? Look into the First-Time Home Buyer's Tax Credit. Eligible individuals may receive a non-refundable tax credit of $750!
  • Tax Free Savings Account:
    BENEFITS
    Not just a savings account. It can be used to accumulate any money expected to be gained through mutual funds or any other investments.
    There is no cost to take out funds.
    Taking out funds increases contribution room for the following year!
    Please talk to your financial advisor for details!
    Annual TFSA dollar limit for 2016 is $5,500.