It’s that time of year again, time to think about preparing our income tax returns. For most of us, it usually ends up being a bit of a puzzle, because it’s difficult to know which documents and what information we need to forward to our accountant to ensure that any deductions and tax credits to which we are entitled, are maximized.
With a view to simplifying things, we have prepared a list of documents that may assist you in maximizing your deductions and obtaining your tax credits.
- Make sure that all your name and address details are complete and up to date.
- The following events may have repercussions on your tax return, so it’s important to advise us of any changes. (Marriage, separation, adoption, birth, etc.)
- You can ask your pharmacist for a detailed statement of any fees paid for prescription medicines during 2016. Your private insurer should also be in a position to provide you with a summary of any claims made during the year.
- You may claim a tax credit for the purchase of monthly passes on public transport including the metro, buses or suburban trains by you, your spouse or a dependent child up to the age of 19.
- If you have purchased your first home during 2016, you may claim the tax credit for first-time home buyers.
- If you are age 70 or over, you may be eligible for a tax credit for home-support services for seniors. The following expenses may be included under this credit: house cleaning, outdoor maintenance, supervision, nursing care, etc.
- If you are age 70 or over, you may be eligible for a refundable tax credit for seniors’ activities.
- If your children participated in any artistic, cultural, recreational or developmental activities (such as tutoring) in 2016, you may be eligible for a maximum amount of $500 per child for fees paid for these programs.
- If your children have played soccer, taken skiing lessons or participated in any other eligible physical activity program in 2016, you may be eligible for a maximum amount of $1,000 per child for the cost of these programs.
- The maximum RRSP deduction limit pour 2017 is $26,230 and that for a TFSA is $5,500.
- The Federal government will be eliminating cheques sent by mail, so it is important that you complete form RC366 to request a direct deposit.
- If you receive your Notice of Assessment and disagree with any changes that have been made, you have up to 90 days from the date of the Notice to contest.