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Stay in the know: Income tax changes that might impact your 2016 return (and save you some dough!)

Homeroom’s Gatekeeper Anja Konjicanin decided to stay in the know this year by going to the Canada Revenue Agency (CRA) website to see what’s new in the tax world in 2017. What she discovered blew her mind (in a good way!) While she’d rather be battling a Poké gym, she is aware taxes not only impact her but everyone else too! Go Anja!

 

Are you fiercely awaiting to get your 2016 taxes filed?

Tax-filing season is around the corner, and now is the prime time to learn about how you and your family can save come tax time!

Here ‘s what’s new for 2017 tax-filing season,  according to the CRA:

 

  • Working income tax benefit: Got a low income? You might be eligible for this refundable tax credit which was designed to provide tax relief to low-income Canadian workers. Eligible individuals and families may be able to apply for advance payments.
  • Buying or selling a home? If you are a first-time home buyer, you may be able to claim $5,000 for the purchase of a qualifying home in 2016. You may also be eligible to participate in the Home Buyers’ Plan (HBP). Go here to learn more.
  • Students save with extra credits: File on time if you want credits and save big this term! Find out how here.
  • Children’s arts tax credit: While the additional amount of $500 for children eligible for the disability tax credit has not changed, the maximum eligible fees in the year is reduced from $500 to $250. Find out more here.
  • Child disability benefit: You might be eligible for this tax-free benefit if you care for a child under the age of 18 who is eligible for the disability tax credit.

Request the Homeroom E-return today and leave the tax filing to us!

We start processing tax returns on March 1.

Happy tax time!