The 2017 Federal Budget tabled a number of proposals that will impact the financial, tax and estate plans of Canadians.
- Tuition tax credit – the eligibility criteria for tuition tax credits has been extended to include fees paid to a university, college or other post-secondary institution for occupational skills courses not offered at the post-secondary level.
- The new Canada Caregiver Credit will replace the infirm dependent credit, the caregiver credit and the family caregiver credit beginning in 2017.
- There is clarification of the Medical Expense Tax Credit so that individuals who require medical intervention in order to conceive a child are eligible to claim the same expense that would generally be eligible for individuals on account of medical infertility. An election is available where you may be able to claim these expenses for any of the last 10 years.
For more information on the above changes, call our office to chat with an HGA representative!