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Tax Related News by Eggett Tax Services

NEW FOR 2016

PRINCIPAL RESIDENCE

For 2016 or later, the sale of a principal residence must now be reported on your tax return.  You will receive an exemption from any tax.

PURPOSE:

To monitor and prevent serial sales of principal residences.  The exemption may be lost to you in subsequent years.

 

CHILDREN CREDITS

Fitness Credit is reduced to $500.00 in 2016 and eliminated in subsequent years.

Art amount is reduced to $250.00 in 2016 and eliminated in subsequent years.

RATIONALE:

The new increased Child Tax Benefit will give parents more tax free dollars to provide these services to their children.

 

CHARITABLE DONATIONS:

The tax credit rate is increased for taxpayers with taxable income over $200,000.

 

HOME ACCESSIBILITY TAX CREDIT

A 15% credit of a maximum  $10,000.00 for qualifying expenses in an eligible dwelling of a qualifying individual. This is a tax credit an is only available to taxpayers who pay Federal Tax.  The amount is reduced to the amount of Federal Tax you pay.

This is in addition to the Ontario Healthy Homes program which is a refundable tax credit.  You will be able to claim both credits.

 

TEACHER & EARLY CHILDHOOD EDUCATOR SCHOOL SUPPLY TAX CREDIT

A refundable tax credit of 15% of the first $1000 of eligible school supplies.  To be eligible you must belong to a professional association..