The Filing deadline for your 2017 Personal Tax Return (T1) is April 30th, 2018.
While most Canadian income tax and benefit returns for 2017 are due on April 30, 2018, if you or your spouse or common-law partner is self-employed, you have until June 15, 2018.
You can file online as early as February 26, 2018.
Filing early ensures your benefit and credit payments are not delayed or stopped.
If you have a spouse or common-law partner, they should also file a return early.
The benefit and credit payments include (Link to CRA website included):
- Guaranteed income supplement (GIS);
- Canada child benefit (CCB) (including any related provincial or territorial benefits);
- GST/HST credit (including any related provincial credits); and
- Working income tax benefit (WITB)
This year, the Canada Revenue Agency is making it easier for paper tax filers to do their taxes by mailing them their forms and guides directly.
Want your tax refund faster?
You can register for the CRA’s direct deposit, and receive your income tax refunds and benefits quickly and securely, however, if you provide the CRA with your bank information AND fall into tax troubles, the CRA can, and will, use that bank account to freeze or seize the money in it to pay off the debt.
Additionally, there are some new changes which can impact your tax return, some of which include;
Medical Expense Tax Credit for Reproductive Expenses
The medical expense tax credit provides relief for individuals who have paid significant medical expenses for themselves or certain dependants. This credit is non-refundable credit and is intended to reduce taxes owing.
Effective for 2017, amounts paid for reproductive technologies for the purpose of conceiving a child can be claimed as a medical expense tax credit, even if the individual does not have a medical condition preventing them from conceiving a child. Previously, the medical expense tax credit was available if the use of the reproductive technologies directly related to a medical infertility condition.
A request can be made to the Canada Revenue Agency to claim reproductive technologies expenses unclaimed in the last 10 calendar years.
Certification of Disability Tax Credit Certificate
The Disability Tax Credit program provides relief for individuals who have a severe and prolonged impairment in physical and mental functions by providing a non-refundable tax credit that can reduce taxes owing.
As of March 2017, nurse practitioners and medical doctors are allowed to certify Form T2201, Disability Tax Credit Certificate.
Federal Public Transit Credit
After June 30, 2017, amounts paid for eligible transit passes no longer qualify for a non-refundable tax credit, however, you can claim a non-refundable tax credit in your 2017 income tax and benefit return for eligible transit passes paid from January 1, 2017 to June 30, 2017.
As a result of the changes made to the Federal Public Transit Credit, the Ontario government introduced a new refundable tax credit effective July 1, 2017, and to be eligible to claim this credit, you must meet the following criteria:
- Be 65 years of age at the beginning of the year;
- Reside in Ontario at the end of the year; and
- Paid for eligible transit service from July 1, 2017 to December 31, 2017 (receipts should be retained).
The maximum refundable credit that can be claimed for 2017 is $225. For subsequent years, the maximum refundable credit is $450. Visit the Canada.ca site here, for additional information.
Tuition, Education and Textbook Credit
Effective January 1, 2017, the Federal, education and textbook credits were eliminated, however, any unused credits from previous years can be carried-forward.
As a result of the 2016 Ontario Budget, changes were made to the Ontario tuition and education non-refundable tax credits. Credit is available for eligible tuition fees paid for studies before September 5, 2017. In addition, credit for the education amount is available for months of study before September 2017. Unused credits from previous years can be carried forward.
Of most importance is that you must file that tax return on time to the CRA. If you have a habit of being late, the CRA will increase the amount of the Late Filing Penalty (LFP) year-over-year, and they multiply that percentage against the amount of taxes owing. There is not limit to the amount of penalties which can be charged, and the most I have seen is 93%. That is a LOT, and it’s in addition to the taxes owing!
If you need assistance with anything discussed above, or if you require more details, or have CRA debts, you can reach us at email@example.com for your coast-to-coast CRA Collections expertise.
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