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

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.

Ready to get Started?

Contact Us for a free strategy session!