The holidays are over and it is back to reality for a lot of us. And that reality means thinking about what is next on our to do list – that is – the tax filing season! Yes, it is that time of the year again! We are still a few months away but remember, it is always better to prepare early!
So before we start organizing our tax documents, let’s go through what new changes we expect this 2016 tax filing season.
1. There is a new and improved format for the Notice of assessment starting this year. This new version provides the most important information about the taxpayer’s assessment on the first page.
2. CRA’s Auto-Fill My Return service is now available through some certified tax software. This service allows you to automatically fill in certain parts of your income tax return.
3. You can register for the CRA’s online mail service to get statements such as your notice of assessment.
4. For 2015 tax year, under the Universal Child Care Benefit (UCCB), families will receive $160 per month for each child under 6 and $60 per month for each child 6 through 17.
5. Taxpayers claiming the Disability Tax Credit will be able to file their T1s online regardless of whether or not their Form T2201, Disability Tax Credit Certificate has been submitted to the CRA for that tax year.
6. Starting January 1st 2015, the Child’s Fitness Amount is a refundable tax credit available to families with children enrolled in a prescribed program of physical activity. This tax credit was non-refundable prior to 2015.
7. As of 2015 tax year, the Child Care Expense Deduction dollar limits have increased to $8,000 for children under 7, to $5,000 for children 7 through 16 and $11,000 for children eligible for the Disability Tax Credit.
Source: CRA Website, www.cra.gc.ca
Accountable Business Services (ABS) is a leading Accounting and Tax Services firm in Alberta. We offers our Accounting and Tax Preparation E-Filing Services to the people of Edmonton, Calgary and Red Deer on a very low rates with high quality work. So if you worry for your Tax preparation and E-Filing matters than feel free to Contact Us. Our professionals will guide you in a perfect direction.
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