Changes to the Child Tax Benefit

untitledDo you have children under 18 living at home? Changes to the Child Tax Benefit come into effect in July.

The federal government has simplified the calculation of the Canada Child Benefit; the Universal Child Care Benefit is now included and is no longer taxable. The new Canada Child Benefit will provide a maximum annual benefit of up to $6,400 per child under the age of 6 and up to $5,400 per child for those aged 6 through 17. Families with less than $30,000 in net income will receive the maximum benefit.

Check here to see how it might benefit you!

http://www.budget.gc.ca/2016/tool-outil/ccb-ace-en.html

Make the most of your Tax Return

Filling in canadian individual tax form T1 for year 2013It’s that time of year again…tax time! But this doesn’t have to mean stress, or any last minute gathering of receipts. Don’t wait until April to take a look at what you will need for your tax return, early planning can make this year’s taxes simple and help you make the most out of your return.

This article takes an important perspective: “taxes are a year-round activity,” and provides some helpful tips on where to get started when looking at which credits and deductions will benefit you this year. Keep in mind family members and friends when reading this article as well, as they may appreciate the information.

Happy tax season!

http://www.huffingtonpost.ca/caroline-battista/2015-tax-return_b_8707004.html