CRA giveth and CRA taketh away. Actually, more “taketh” than anything!
As you run around getting all your tax slips in order, we wanted you to be aware that the CRA has nixed some tax credits and modified some current ones for 2017.
Here are a few key changes:
The Children’s Fitness Tax Credit and the Children’s Arts Tax Credit are now gone.
The Public Transit Tax Credit is eliminated as of July 1, 2017. For 2017 only, qualifying fees paid from January 1, 2017 to June 30, 2017 are eligible for this credit.
For tuition fees, the Education Tax Credit and Textbook Tax Credit amounts (a part of the tuition credit) are eliminated this year.
The Infirm Dependent Tax Credit and Caregiver Tax Credit have been replaced by the Canada Caregiver Credit. If you have a parent over the age of 65 receiving the disability tax credit, you may be eligible to transfer this $6,883 credit to your personal tax return.
Please give us a call if you have any questions. Happy personal tax season to all!