Tax Season is Here Again!

Coffee.... check! Bottle of Advil... check! Tax season is here again and I'm just getting geared up for it. This year, there are several things I think you should be aware of.

1. The new Canada Caregiver Credit replaces the previously titled Family Caregiver credit. This credit is for infirm dependents age 18 or older. It gives tax relief to eligible taxpayers who have an eligible dependent with an impairment in physical or mental function.

2. The Disability Tax Credit application can now be signed by a Nurse Practitioner in Canada.

3. New allowable medical expense: If you need medical intervention to conceive a child, you may be eligible to claim certain expenses. You are no longer required to have preexisting medical condition in order to qualify for this expense. You may also request a change to your income tax and benefit returns for a period of the 10 previous calendar years.

4. Tuition, education, and textbooks credit: As of January 1, 2017, the federal education and textbook credits were eliminated. If you have unused amounts from previous years, you can still use these.

5. Tuition, education, and textbooks credit: If you meet certain conditions, you may be able to claim tuition amounts for fees paid to a post-secondary school for occupational skills courses even if they are not at a post-secondary level.

6. Children's credits: As of January 1, 2017, the children's arts tax credit and children's fitness tax credit have been eliminated.

7. Public transit tax credit: As of July 1, 2017, this credit was eliminated, therefore you can only claim amounts between January 1 and June 30, 2017.

That gives you an overview of the changes for this tax season. I hope you found it informative and helpful when putting your tax papers together. I'll do my best to provide you with other valuable tax tips and suggestions throughout the year, as well as updates after the Federal and Provincial budgets are approved.

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