Tax updates for 2018

Here is the tax updates from CRA for 2018 (tax year of 2017) New and improved credits Canada caregiver credit – This non-refundable tax credit replaces the family caregiver credit, the credit for infirm dependants age 18 or older, and the caregiver credit. It gives tax relief to eligible individuals …

Continue reading

Tax On Split Income – Revised Draft Legislative Proposals

  Revised Draft Legislative Proposals released on December 13, 2017 Starting January 1, 2018, ‘simpler rules’ will exclude certain individuals from having to meet a previously announced “reasonableness test” to determine whether income received will have a special “tax on split income” (“TOSI”) What is the TOSI? A special ‘tax …

Continue reading

Retirement planning for low-income family

  If you are about to retire and have a low income at 65, you will probably start to receive money, including Old Age Security (OAS), the Canada Pension Plan (CPP) and possibly the Guaranteed Income Supplement (GIS). For low income family, the GIS is a tax-free monthly benefit paid …

Continue reading

New Tax Changes in 2017 (for tax year 2016)

What’s new from CRA ….   Individuals and families 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). Northern residents deductions  – The basic and additional residency …

Continue reading