Direct Deposit - make sure you are signed up for direct deposit.
Tax-Free Savings Account (TFSA) -
The annual TFSA dollar limit is $5,500.00 starting in 2015
Any unused contribution room may be carried forward indefinitely, and
any annual withdrawal may be added to the contribution room of the following year.
Canada Pension Plan -
The CPP limit for 2017 has increased.
The maximum earnings will now be 55,300 (up from 54,300) for a maximum contribution of
$2,564.10 and $5,128.20 for self employed individuals
Employment Insurance - The EI limit for 2017 is $836.19
Personal Exemptions - The basic personal exemption for 2017 is $11,635
Age Amount Credit -
The amount on which the Age Amount Credit is based is $7,125 for 2016
Canada Employment Credit -
This has been indexed to $1,161 for 2016
Lifetime Gains Exemption -
for dispositions of qualified small business corporation shares and qualified farm and
fishing property made after 2013, the lifetime capital gains exemption limit has increased
Penalties for missed tax slips -
The Canada Revenue Agency has taken an aggressive stand on income tax slips that
have not been included on your tax return. If you have forgotten to include
a slip, the Canada Revenue Agency will now add it plus penalty to your tax
return under their new "matching program". If you have missed
including a slip on more than one occasion, you could face a penalty of up to
50% of the tax owing.
Do not forget to supply all slips to your accountant upon submission of your year-end package.
Reporting the sale of your principal residence for individuals (other than trusts) -
On October 3, 2016, the Government announced an administrative change to Canada Revenue
Agency's reporting requirements for the sale of a principal residence.
When you sell your principal residence or when you are considered to have sold it, usually
you do not have to report the sale on your income tax and benefit return and you do not
have to pay tax on any gain from the sale. This is the case if you are eligible for the
full income tax exemption (principal residence exemption) because the property was your
principal residence for every year you owned it.
Starting with the 2016 tax year, generally due by late April 2017, you will be required to
report basic information (date of acquisition, proceeds of disposition and description of
the property) on your income tax and benefit return when you sell your principal residence
to claim the full principal residence exemption
Paterson & Company Professional Corporation - Chartered Professional Accountants