Resources

Resources

2016 Tax-Filing Season

Child Care Expense Deduction limits

As of the 2015 tax year, the Child Care Expense Deduction dollar limits have increased to a maximum of $8,000 per child (under age seven), $5,000 per child (aged 7-16), and $11,000 per child eligible for the Disability Tax Credit.

Universal child care benefit (UCCB)

During the 2015 tax year, families received $160 per month for each child under 6 and $60 per month for each child aged 6-17.

Children’s fitness and arts amounts

As of January 1, 2015, this tax credit is refundable. The children’s fitness ($1,000) and arts ($500) amounts are available to families with children enrolled in a prescribed program of physical and/or arts activities.

Updated notices of assessment

The Canada Revenue Agency (CRA) has revised the notice of assessment with a new, simpler format.

Online mail

With online mail, you will receive statements such as your notice of assessment online in My Account, instead of in the mail. You can register directly online at www.cra.gc.ca/myaccount, or by indicating that you authorize registration with CRA’s online mail service when you fill in your tax package.

MyCRA mobile app

MyCRA is a mobile application for individual taxpayers that allows you to securely access and view key portions of your tax information on your mobile device. For more information, see: http://www.cra-arc.gc.ca/mobileapps/.

Reminders

Missing or Late-Arriving Slips

CRA levies significant penalties for income that is not reported. If you receive any slips (T3s, T5s, etc) after you have filed your tax return, please contact our office immediately so that we may file an adjustment for you ASAP.

Review Programs

CRA often requires receipts (i.e. medical, rent, donations) be submitted after returns are filed. Our office scans receipts and will submit them on your behalf (at no extra charge) if CRA requests documentation. Please note a review does not represent a tax audit.

Direct Deposit

If you would like your tax refund and/or other government payments directly deposited to your bank account (recommended), please submit a void cheque or provide account information: Transit Number (5 digits), Institution Number (3 digits), Account Number (up to 12 digits). Federal government cheques will be phased out by April 2016.

Foreign Assets

If you hold foreign assets totaling over $100,000 (cost basis), CRA requires a T1135 form, which must be submitted by your tax return due date. The penalty for late filing is up to $25 per day to a maximum of 100 days and is strictly enforced by CRA.

Changes in Marital Status

If your marital status changes during the year, you must inform CRA within one month of the change by filing a RC65 form. We can file this for you if you contact our office.