GTA

The Newsworthy April 7, 2018

Kathy McWilliam Thought Starters April 8, 2018 Leave a reply

Have You Done Your 2017  Canadian Taxes Yet? If Not, Here Are Some Things You Should Know.

Some things have been added; some things have been taken away. The feds want a zero bottom line impact, while trying to please now and future voters.  So what was their solution? Read below and then click the link to get more details.

 

 

 

Added

  • More help for folks with fertility problems – you don’t need to prove a medical problem to qualify and you can go back as far as ten years to adjust your returns. It can take a long time to hatch a baby!
  • Nurse practitioners have been added to the list of professionals who can certify a disability.

 

Removed

  • The federal education and textbook deduction is gone.
  • You can claim the transit deduction up until June 30 of 2917. After that it disappears.
  • Arts and fitness programs for kids can no longer be deducted.

 

Given with one hand, taken away with the other

  • Even though the federal education and textbook deduction is gone, the tuition deduction remains, including for occupational skills programs taken at a post-secondary institution.
  • The caregiver deduction has been increased to $6,883 and rolled into one deduction from three, but your dependent, if 65 or older, must be infirm to qualify.

 

Click here for more and consult a taxation expert to see how these changes may affect you: HuffPost on Taxes

 

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