It’s that time of year again when we have to think about preparing our tax returns. For most of us, this becomes a real headache, as it’s hard to know what documents and information to pass on to our accountant to enable him or her to maximize the deductions and credits to which we are entitled.
To help you, we’ve compiled a list of information that can be used to facilitate administration and maximize your tax deductions and credits.
Contact details and family situation
- Be sure to send us your complete and up-to-date contact information, including your new address, if applicable.
- Certain events, such as marriage, separation, adoption or birth, can have an impact on your tax returns. It’s important to let us know.
RRSP
- The maximum RRSP contribution for 2017 is $26,230 and the maximum TFSA contribution is $5,500.
Main residence
- If you’re a first-time homebuyer, you may be able to claim the federal first-time homebuyer’s credit.
- If you have disposed of your residence and wish to exempt the capital gain, you must advise us, as it is now mandatory to complete form T2091 “Designation of a property as a principal residence”.
Medical expenses
- You can ask your pharmacist for an itemized statement of your prescription drug expenses for 2016. Your private insurer should also be able to provide you with a summary of your claims for the year.
65 and over
- If you’re 65 or over (or qualify for the disability credit), you may be eligible for the federal Home Accessibility Tax Credit. The credit is 15% of eligible expenses up to a maximum of $10,000. Renovation expenses must be incurred to make your home more accessible and safer.
- If you’re age 70 or over, you may be eligible in Quebec for the home support tax credit for seniors. The following expenses qualify for this credit: housekeeping, exterior home maintenance, supervision and nursing care.
- If you’re 70 or over, you may be eligible for the federal refundable tax credit for seniors’ activities.
Various credits
- You can claim a federal public transit credit for the purchase of monthly subway, bus or commuter train fares for yourself, your spouse or dependent child under age 19.
- If your children have participated in an arts, culture or sports program, you may be entitled to a federal and Quebec tax credit for the fees paid.
- If you’re a teacher or early childhood educator and you’ve paid for school supplies, you may be eligible for a federal refundable tax credit of 15% of eligible expenses up to $1,000.
Notice of assessment
- Remember that when you receive your notice of assessment and you disagree with the changes made, you have at least until the day that falls one year after the filing due date applicable to you to object.
