Income Tax Changes for 2017

March 19, 2018

 

Keeping up with change is hard.  Keeping up with Government change is next to impossible!  As a tax professional it is important to know and keep up to date on what is new.  When you are getting your taxes done then you will be asked about what credits apply to your situation.  But what about tax planning?  Can you save money by knowing ahead of time about any possible deductions?  Of course you can.  Nobody wants to pay more to the Government than we have to.  Make sure you get educated so you can save the most money possible come tax time!

 

Lets look at some of the changes for the 2017 tax year.

 

What has the Government taken away since 2016?

 

1.  The Children's Arts Amount.

2. The Children's Fitness Tax Credit.

3. Education and textbook amounts.

4. Public Transit Amount.  Ended June 30,2017.  You can claim this credit for the first half of 2017 before it was taken away.

 

Some other important changes that happened in 2017 include:

 

1. The Canada Caregiver Amount has been added and replaces The Family Caregiver Amount, The Caregiver Amount, and The Amount for Infirm Dependants over the age of 18.

 

2.  The tuition deduction is no longer only for Post Secondary students.  For 2017, if you took a course to improve your skills then it may be tax deductible! 

 

3. If you are claiming the disability tax credit, a nurse practitioner can now certify your eligibility.  You no longer have to wait to get it from your doctor.

 

4.  The cost of fertility treatments are now included as an eligible medical expense.  This is retroactive for 10 years so if you had these treatments within that time frame, you can request an adjustment.

 

5.  Expenses for the creation of child care spaces are no longer eligible for ITC's (Investment Tax Credits).

 

Unfortunately, if you are like me, you will miss some of these credits.  It was nice to get a credit for putting my kids in soccer, which is something I would do regardless of getting a tax deduction.  Maybe this year I will take a few classes that I can use as a tuition amount.

 

One of the best changes in my opinion is acknowledging fertility treatments as an eligible medical expense and then going back 10 years.  I cannot understand why that would not have been previously on the list but I give credit to them for making it retroactive.  That is a win in my books!

 

I wonder what next year will bring?

 

 

 

 

 

 

 

 

Tags:

Share on Facebook
Share on Twitter
Please reload

Featured Posts

Entrepreneurship: Jack of All Trades?

March 20, 2018

1/1
Please reload

Recent Posts
Please reload

Archive
Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
  • Facebook Social Icon
  • Instagram Social Icon

© 2018 by ​Geeksterz Financial Services.