As Spring draws near (hopefully), so does the time to prepare and file your 2017 taxes. Since we last posted, you should have received all the necessary documents from your company and investments. Now is the time to keep up with the latest changes to the tax laws as some of them may affect you.
Nanny
Are you a caregiver for a family member with a physical or mental disability? If so, you may be eligible for the Canadian Carer Amount tax credit. The government recognizes the extra financial responsibility a caregiver can have over your finances. This year determining whether you qualify for credit will be much simpler.
Education
Until recently, only post-secondary level tuition was eligible for the tax credit. If you are taking other courses at an educational facility, this fee is not eligible. With recent changes, courses like second language skills and job enhancement courses like computer skills allow you to benefit in more ways than intellectually.
While this option was added, credit for post-secondary textbooks has been removed. This does not affect the school’s tax credit or ability to continue unused education and the number of textbooks from previous years.
Parent
The Children’s Art and Fitness Tax Credit was written off in 2017.
Transport
It seems that the tax credit for using public transport is not enough to motivate travelers to change their transportation habits. Therefore, the public transport credit was eliminated in mid-2017. If you used public transport in 2017, this is your last chance to claim this benefit as the amount purchased for travel between January 1 and June 30, 2017 is still eligible.
Infertility Treatment
Financial assistance has become a reality for those who need medical assistance to conceive. As of 2017, infertility treatment is now included as an eligible medical expense. As an added benefit, this has been made retroactive. This means that if you have received fertility treatment within the last ten years, you can request an adjustment to your past returns.
These are just some of the highlights for the 2017 tax filing, not the taxes that have ever been in the spotlight. While it’s great to know how to make a profit during the current tax season, it may be time to start planning for next year’s profit. Financial Planners can look at your current and future finances and create a plan that is most beneficial to you.