2017 Personal Tax Updates and Reminders

The Canada Revenue Agency (CRA) is phasing out refund cheques and Direct Deposit will be mandatory. If you have not already signed up for direct deposit, please bring a void cheque to enroll in Direct Deposit with the CRA.

Dependents

  • The children’s fitness and arts tax credits were eliminated for 2017 returns in the Federal 2016 budget.

  • The Universal Child Care Benefit (UCCB) has been rolled into the tax-free Canada Child Benefit (CCB). If you were eligible to receive the UCCB prior to July 1, 2016, the CRA will issue you an RC62 – universal child care benefit statement to report this income.

  • Let our office know if you have a qualified dependent under the age of 18 and did not receive these benefits.

Public Transit Pass Credit

The public transit pass credit has been eliminated in the Federal 2017 Budget. Public transit passes after June 2017 will no longer be deductible.

Education and Textbook Credits

The Federal Education and Textbook credits has been eliminated starting 2017. Existing credits may still be used or carried forward. Alberta tuition and textbook credits are still available for 2017.

Disposition of Principal Residence

Starting with 2016 tax returns, the CRA requires taxpayers to report the sale of their principal residence. This applies even if there was no gain on the property. Ensure to let our office know if you disposed of a property.

TFSA Contribution Limits

Year / Annual Limit / Cumulative Total

2016 / $5,500 / $46,500

2017 / $5,500 / $52,00

Canada Job Grant (CJG)

Interested in upgrading your skills? Two thirds of certain employee training courses may be eligible for this grant. Ask us for an information package that you may present to your employer.

CRA Online Mail

You can register to receive some correspondence from the CRA electronically. If you select this option, eligible correspondence will no longer be printed and mailed to you.

*Beware of fraudulent emails and phone calls! Emails from the CRA will not contain attachments, links, or ask for personal/financial information.

Ivan Nguyen