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5484 Tomken Road, Unit 19
Mississauga, ON L4W 2Z6
P: 905.629.7720
F: 905.629.1947
 
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120 Newkirk Road, Unit 32
Richmond Hill, L4C 9S7
P: 905.629.7720
F: 905.629.1947

2016 Tax Updates

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2016 Tax Updates

Category : blog

As you prepare your 2016 tax documents, We wanted to identify some of the tax changes for the 2016 tax filing period. Please email ajaffer@arjcpa.ca or call 905-629-7720 with any questions.

Individuals and families

Canada child benefit (CCB) – As of July 2016, the CCB has replaced the Canada child tax benefit (CCTB), the national child benefit supplement (NCBS), and the universal child care benefit (UCCB).

Children’s arts amount – The maximum eligible fees per child (excluding the supplement for children with disabilities) has been reduced to $250. Both will be eliminated for 2017 and later years

Home accessibility expenses (if 65+ or claiming disability tax credit) – You can claim a maximum of $10,000 for eligible expenses you incurred for work done or goods acquired for an eligible dwelling.

Family tax cut – The family tax cut has been eliminated for 2016 and later years.

Children’s fitness tax credit – The maximum eligible fees per child (excluding the supplement for children with disabilities) has been reduced to $500. Both will be eliminated for 2017 and later tax years.

Eligible educator school supply tax credit – If you were an eligible educator, you can claim up to $1,000 for eligible teaching supplies expenses.

Interest and investments

Tax-free savings account (TFSA) – The amount that you can contribute to your TFSA every year has been reduced to $5,500.

Dividend tax credit (DTC) – The rate that applies to “other than eligible dividends” has changed for 2016 and later tax years.

Investment tax credit – Eligibility for the mineral exploration tax credit has been extended for flow-through share agreements entered into before April 2017.

Labour-sponsored funds tax credit – The tax credit for the purchase of shares of provincially or territorially registered labour-sponsored venture capital corporations has been restored to 15% for 2016 and later tax years. The tax credit for the purchase of shares of federally registered labour-sponsored venture capital corporations has decreased to 5% and will be eliminated for 2017 and later tax years.

Other changes

Sale of principal residence – The sale of a principal residence must now be reported, along with any principal residence designation, on Schedule 3. Under proposed changes, the CRA will be able to accept a late designation in certain circumstances, but a penalty may apply.

Reassessment period – Under proposed legislation, for tax years that end after October 2, 2016, the CRA may at any time reassess your income tax return if you fail to report a sale or other disposition of real estate.


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