News Category: CRA Updates,Newsletters

03
Mar

GETTING READY FOR PERSONAL TAXES 2015

It is that time of the year again to start organizing your receipts and keeping track of tax forms that are coming in from your financial institution.
Also, here are some items to consider when preparing your tax return for 2015:

1)With a new tax bracket coming for the 2016 tax year for income earned in excess of $200,000, there may be a planning opportunity available in terms of claiming your RRSPs. If you are planning to make a large RRSP contribution, please speak with us to ensure that you are getting the most tax benefits with the use of your RRSP.

2) With many home renovations occurring in the lower mainland, BC Seniors need to be aware that BC has BC Seniors’ Home Renovation Tax Credit available to offset some of those renovations costs. This is particularly true if the renovations are used to improve accessibility or to all you to be more functional or mobile at your home. Please give us a call in order to determine if your renovations will qualify for this credit. There will be a similar credit available at the federal level for 2016 as well.

3) There is a new BC Education Coaching Tax Credit available for teachers and teaching assistants who carry out at least 10 unpaid hours of extracurricular coaching activity in the year. Please contact us to see if you qualify for this credit.

4) This is the last year that tax payers will have access to the Family Tax Cut as it will be eliminated for 2016 and subsequent tax years.

5) The Children’s Fitness Tax Credit is refundable for the 2015 tax year. Therefore, you should ensure that all fitness related tax credit is claimed in the current year.

Should you need any quick tips of organizing your receipts in an efficient manner, please be sure to give our office a call. You will find a useful checklist here to ensure that you have all the appropriate documents in order to file your 2015 return accurately.


Gregory & Associates