As we come into full swing of tax-filing season, here are a few things to keep in mind.
Child Care Deduction:
The child care deduction is increased by $1,000
- Children under age 7 from $7,000 to $8,000
- Children 7 to 16 (or over) to $5,000 from $4,000
- Children with a disability tax certificate to $11,000
Universal Child Care Benefit – effective January 2015 for payments starting July 2015:
- Payments for children under age 6 increased from $100 to $160 per month
- For the children under age 18, a new amount of $60 per month
Registered Retirement Income Fund withdraw amount:
- The percentage required to be withdrawn declined from 7.38% to 5.28% for 2015 for individuals over the age of 70 at the start of the year.
Capital gains exemption for 2015 is $813,600
Foreign Reporting – T1135
- Canada Revenue Agency has simplified the foreign asset reporting system for persons whose foreign property for investment is less than $250,000
- There is no change to the $100,000 threshold for reporting