February 1, 2018

5 Changes You Need To Know Before Filing Your Income Tax

The laws that govern how taxes are calculated have changed again, and taxpayers should be aware of the new details before filing their 2017 returns. Among the changes are the elimination of the National Transit Tax Credit, a reduced small business tax to 10 percent, and the Military Tax Credit to exempt military salaries from federal income taxes. Family tax benefits have also been overhauled, which will affect Canadians filing returns that include child dependants. This includes the elimination of the Children’s Fitness and Arts Tax Credit and disability tax credit for eligible children, but an increase in the Canada Child Benefit and Child Disability Benefit. Students will also no longer be able to claim the federal education textbook and tax credits.

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