Tag Archives: Tax Preparation

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Brooks Financial 2017 Income Tax Changes

What’s New and Revised for the 2017 Personal Income Tax Return?

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The Government of Canada has announced several changes and improvements to personal income tax benefits and credits. The following should be considered for your 2017 personal income tax return:

  1. Those responsible for raising children under 18 years of age may be eligible for the tax-free monthly Canada Child Benefit (CCB) payment, which has replaced the Canada Child Tax Benefit. The Child Disability Benefit and provincial and territorial programs, may be included in the CCB. The National Child Benefit Supplement and the Universal Child Care Benefit have also been replaced.
  2. To qualify for the Northern Residence Deduction, you have to have been a permanent resident in a qualifying zone for a minimum of six months. The Basic and Additional Residency amounts have now been increased to $11 per day.
  3. As an Eligible Educator, you may qualify for a 15% tax credit for teaching supplies purchased in 2017 school year, to a maximum of $1000.

For more information on what’s new for the 2017 income tax season, contact Brooks Financial to discuss filing your 2017 personal income tax.

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Forget to Record RRSP Contributions on Last Year's Income Tax Return

Did You Forget to Record RRSP Contributions on Last Year’s Income Tax Return? We Can Help!

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Canada Revenue Agency requires that all RRSP contributions be reported on Schedule 7 for the past calendar year, as well as any contributions made within the first 60 days of the current year. If you forgot to report, CRA will allow you to file an adjustment to record any RRSP contributions missed when you filed your income tax form. If you do not currently have all your receipts, you can still file a T1-Adj online, and then supply receipts later if CRA asks to see them. See Schedule 7 and General Income Tax and Benefit Guide page 23.

You can report your adjustments by making a request online or by mail. To complete an online request, log in to My Account on the CRA website. You can complete more than one request if necessary, as long as you do each on separately. To complete a mail-in request, you will need to print and complete the T1-Adj, T1 Adjustment Request Form.

Most tax return adjustments may be made within CRA’s 10 year time limit. You can expect online adjustments to take approximately two weeks to process and eight weeks for any mail-in requests.

Do you still have questions or need help requesting adjustments to your tax return? Brooks Financial is available year-round to offer tax preparation, tax planning and other income tax services. Learn more about our services here or contact us now for assistance.

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Signing up for a CRA My Account is convenient, secure and paperless

The Benefits of the CRA My Account and Online Mail

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There are 4 days left to file your Personal Income Tax. If you haven’t done so already, remember you have until Monday, May 1st to complete your return.

Are you missing a certain benefit notice or can’t remember your RRSP Limit? Lost a Notice of Assessment from a previous year? Sign-up for My Account for Individuals http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html on the Canada Revenue Agency’s website to find all of this info in one place.


Go Paperless. Your Tax Professional can sign you up to receive Online Mail when filing your tax return. It’s as easy as authorizing them to give your email address to the CRA. You will be notified via email when your tax or benefit information is ready to view. Then simply login into My Account to view the information.

Convenient. You can read your online mail, update your contact info, submit documentation, add or update your direct deposit info to get your payments faster and much more.

Secure. Emails from the CRA will never ask for your personal or financial details. You must login to your secure My Account to access your tax information.

Top Tip!

Do you bank online? You can sign into My Account using the same login as your other online service with one of the CRA’s Sign-In Partners. All of the major banks offer this service. That’s one less password to remember. Important! Your login information will never be shared with the CRA and your Sign-In partner won’t know which government service you are accessing.

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Use our Personal Income Tax Checklist to help you file your taxes in time

Canadian Personal Income Tax Checklist and Filing Due Dates for Your 2016 Tax Return

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The personal income tax deadline for filing your return is typically April 30, however, because this date falls on Sunday this year, the CRA will consider you on time if it is received on or before Monday, May 1, 2017.

Self-employed individual returns are due Thursday, June 15, 2017, however if any amounts are owing, they must be paid by May 1, 2017.

Contact Tesia today to file your 2016 Personal Income Tax Return.

Our 2016 Personal Income Tax Checklist will get your started!

Here’s an overview of what you need to file your return.


  • If you made income tax installments for 2016, please provide us with the balance in your account.
  • Please provide us with your spouse’s 2016 net income (unless we prepare his/her return) and names and birth dates of your children
  • Please provide a copy of your 2015 notice of assessment and any notice of reassessment of other years, if received in 2016
  • Please provide a copy of your 2015 personal tax return



  • T4 Employment and commissions
  • T4A (OAS) Old Age Security
  • T4A Other Income
  • T3 Investment Income
  • T5 Investment Income
  • T4E Employment Insurance Benefits
  • T5007 Worker’s Compensation
  • T4RSP, T4RIF
  • UCCB payments
  • T5013 Partnership


  • Please provide details of any disposal of capital property (shares, bonds, real estate, etc.) in 2016, provide broker’s summaries and year end holdings where applicable
  • Summary of income and expenses for rental properties
  • Details of self-employed business, revenue and expenses
  • Any other unusual items received in the current year
  • Foreign exchange gains/losses on currency transactions (when a previously purchased foreign currency is converted to Canadian currency, this activity can create a foreign exchange gain/loss)
  • Copy of your non-registered investment broker statement as of December 31, 2016
  • If you do not receive broker statements and it is convenient, forward a summary of your investments as of December 31, 2016, by name, quantity held and cost paid


  • RRSP Contributions
  • T2202 for tuition for yourself, spouse and/or dependents
  • Interest paid on investment loans (a letter from the lending institution(s) stating the purpose of the loan and the amount of interest should be obtained)
  • Interest paid on loans under the Canada Student Loan Act or provincial equivalent
  • If you are self-employed, a summary of all your business expenses
  • If you are an employee and entitled to deduct employment expenses, Form T2200
  • Declaration of Employment Conditions – Office and Employment Expenses must be signed by your employer and filed with your return. Please provide details of your employment expenses, including details of your home office and vehicle use if applicable
  • Child care expense receipts which must include the name, address and S.I.N. of the caregiver
  • All medical and dental bills for yourself, spouse and dependents paid in 2016
  • Charitable donation receipts
  • Political donation receipts
  • Receipts for professional or union dues paid
  • The cost of public transit passes purchased
  • Receipts for qualifying fitness and children’s art activity programs (2016 is the final year for such deductions)


  • Did you hold or own foreign property at any time in 2016 with a total cost in excess of CAD. If yes, you will be required to file an information return, form T1135, with your 2016 personal tax return.

Tesia Brooks’ training as a Certified Financial Planner (CFP®), Master Financial Advisor (MFA™), Certified Divorce Financial Analyst (CDFA™), Certified Divorce Financial Analyst (CDFA™), Chartered Financial Divorce Specialist (CFDS) and Certified General Accountant (CGA), literally brings a wealth of knowledge to her role as an Income Tax Consultant. Her financial expertise, specifically with regard to financial planning, wealth management, RRSPs, pension and retirement investments will prove to be a strong asset when it comes to preparing both your income tax return, and personal income tax planning throughout the year.

Brooks Financial provides financial planning and income tax services in Winnipeg, Manitoba, Canada. Brooks’ specialties include financial consulting, retirement financial planning, divorce financial planning, wealth management, insurance coverage, accounting and income tax services.

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