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Important changes for this personal income tax season

The main changes concerning personal income tax are listed below.

Federal:

Eligible educator school supply tax credit
For the 2016 and subsequent taxation years, eligible educators can claim up to $1,000 for eligible school supplies.

Sale of a principal residence
Starting with the 2016 taxation year, all individuals will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on their income tax and benefit return when they sell their principal residence to claim the full principal residence exemption.

Quebec:

RénoVert tax credit:
The new RénoVert tax credit is a tax measure that promotes eco-friendly renovation. It corresponds to 20% of the portion of eligible expenses that exceeds $2,500 and applies to the 2016 and 2017 taxation years only. The maximum tax credit that can be claimed for these two years is $10,000.

Tax shield:
If you were resident in Quebec on December 31, 2016, and if you or your spouse is entitled to the tax credit for childcare expenses, the work premium or the adapted work premium for 2016, you may be eligible to claim the tax shield.

For more information, we invite you to make an appointment with one of our advisors.

Article written by : Mélanie Joannette

Déclaration de la vente d’une résidence principale pour les particuliers (ARC) RESPs for more than books and tuition