March has arrived. With warmer weather and longer days also comes that reminder that it is time to file your personal taxes.
The deadline for filing your personal tax returns is April 30 for most individuals. If you earn self-employed income that deadline is pushed out to June 15. If you are not sure if you qualify for the extension it is best to reach out to us.
There are a few key changes with this tax season to be aware of:
-Fitness and Arts credits are no longer applicable. You do not need to bring in your receipts of summaries for these expenses as they can no longer be claimed.
-The Public Transit credit is only applicable from January to June 2017. Any public transit passes purchased after this period cannot be claimed as a tax credit.
-If you sold a principle residence, even though the gain is tax free (subject to certain conditions) you still have to report it on your tax return. Please keep these details on hand so they can be properly reported. The penalty for unreported dispositions is quite high so it is important this is not missed.
Please contact us for a copy of our personal tax checklist for this season and feel free to reach out if you have any questions or concerns.