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The CRA announced in the December issue of the “Businesses – Tax information newsletter” the kickoff of a new campaign to send GST/HST compliance letters to GST/HST registrants. Through this campaign, the CRA hopes to assist taxpayers in gaining a better understanding of their GST/HST compliance requirements. Accordingly, the targets of this campaign are expected to be individuals and small businesses.
The amount that you can contribute to your TFSA every year has been reduced to $5,500.
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). To get the CCB, you have to file your return every year, even if you did not have income in the year. If you have a spouse or common-law partner, they also have to file a return every year.
All Real Estate Transactions including the Sale of your Principal Residence must be reported in your 2016 Tax Return.
This does not mean additional capital gain tax, however be careful to designate the transaction as a Principal Residence Transaction in the last part of Schedule 3
The family tax cut has been eliminated for 2016 and later years.