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Scarrow Yurman & Co is an innovative practice with the right mix of professional skills, industry experience, and forward-looking perspective. Exceptional service with a personal touch is the cornerstone of our business. Clients rely on us to keep pace with accounting and tax trends, listen to their needs, and remain innovative in our processes and use of technology—so you always get our best! We typically work with owner-managed businesses in York Region and the GTA whose annual revenues range from $1M to $100M. Some of the industries we serve include:

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Cloud-based Bookkeeping Software – A Word of Caution
January 2, 2018
Personal Tax Season – Overcome Stress By Being Prepared
March 21, 2018

Tax Credit Changes – 2017

Categories
  • CRA
  • Personal tax returns
Tags
  • Caregiver
  • Changes
  • personal tax
  • tax credit


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  • The Infirm Dependent Tax Credit and Caregiver Tax Credit have been replaced by the Canada Caregiver Credit.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!

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