Important Dates for the upcoming Tax Season

 In Estate Planning, Retirement Planning, Tax

IMPORTANT DATES

January 4, 2018 Income tax formsIf you are doing your own tax return, we strongly recommend using tax software rather than pre-printed forms to prepare your return, because this can help to avoid errors and missed tax credits.

February 26, 2018 Netfile available – You can use NetFile to submit your tax return from your home computer. For more information, visit the Canada Revenue Agency web page on NetFile.

February 28, 2018 T4 Slips – for 2017 must be distributed to employees on or before Wednesday, February 28, 2018.

March 1, 2018 RRSP Contribution Deadline for 2017 – Income Tax Act sets the deadline as “on or before the day that is 60 days after the end of the year”, which is March 1st.

April 30, 2018Personal Tax Returns for 2017 – Returns must be filed by Monday, April 30, 2018.  Self-employed must file by Friday, June 15, 2018, but any tax owing must be paid by April 30th.

WHAT’S NEW OR CHANGED FOR 2017 TAX-FILING SEASON

Changed Credits and Amounts:

  • Tuition, Education and textbook credits – eliminated Jan 1 2017, however carryover and certain conditions may apply
  • Childrens Credits – eliminated July 1, 2017 for arts tax credit and fitness tax credit.
  • Public transit Tax Credit – eliminated July 1, 2018. For 2017 year can claim till June 30.

New and Improved

  • Canada Caregiver Credit – This non-refundable tax credit replaces three separate credits: the family caregiver credit; the credit for infirm dependants age 18 or older; and the caregiver credit.
  • Disability tax credit certification (DTC) – Nurse practitioners across Canada can now certify the DTC application form.
  • Medical Expense tax Credit – If clients need medical intervention to conceive a child, they may be eligible to claim certain expenses even if they don’t have a medical condition—these expenses are the same as those that would generally be allowable for individuals who have a medical condition. If clients have had fertility-related expenses for any of the 10 previous calendar years and haven’t claimed them, they can request a change to their income tax and benefit returns to include these eligible expenses.
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