It is almost time to prepare and file your 2016 personal income tax returns. Here are some changes in 2016 to be aware of:
- The Family Tax Cut has been eliminated for 2016 and later years. This was a $2,000 non-refundable tax credit up to $2,000 for eligible couples with minor children.
- Children’s Fitness and Arts Tax Credits – effective for 2016, the maximum eligible amount for the children’s fitness tax credit has been reduced to $500 from $1,000 and to $250 from $500 for the children’s arts tax credit.
- Northern Residents Deduction – the basic and additional residency amounts used to calculate the deduction have both increased to $11 per day .
- Eligible Educator School Supply Tax Credit – if you are an eligible educator, keep your receipts. You can claim up to $1,000 for eligible teaching supplies expenses.