August 2016 - Expert Fiscaliste

2016 Tax Free Savings Accounts

Tax-free savings accounts are available for Canadian residents who are 18 years of age or older. The first tax year that they were available was 2009.
There is no deadline for contributions to a TFSA, as the unused contribution room is carried forward into the next year. However, a withdrawal in any year increases the TFSA room in the following calendar year. Thus, if you are thinking of making a withdrawal close to year end, make sure it is done by December 31st, in order to have the withdrawal amount added back to the TFSA room sooner.

For additional information in PDF format: 2016 TFSA summary

About Expert Fiscaliste

Save Your Tax — Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2016 Personal Tax Credits Return

td1-16e td1-16f tp-1015.3(2016-01) tp-1015.3-v(2016-01) One way to reduce the taxes withheld by your employer in 2016 is to file a TD1 form by claiming additional personal tax credits

About Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2016 Federal Budget – Corporate Class Funds

2016 Federal Budget

If you hold a corporate class mutual fund, or plan to purchase one, we want to make sure you’re aware of an upcoming change that could affect you. The 2016 federal budget includes a change to all corporate class funds that eliminates the ability to switch between different classes of shares within a mutual fund corporation without triggering a capital gain or loss, effective October 1, 2016.

Do you have to file a Canadian return

You must file a return for 2015 if any of the following situations apply:
You have to pay tax for 2015.
You have received a request to file a return for 2015.
You and your spouse or common-law partner elected to split pension income for 2015.

You received working income tax benefit (WITB) advance payments in 2015.
You disposed of capital property in 2015 (for example, if you sold real estate or shares) or you realized a taxable capital gain (for example, if a mutual fund or trust attributed income to you, or you are reporting a capital gains reserve you claimed on your 2014 return).
You have to repay any of your old age security or employment insurance benefits.
You have not repaid all amounts withdrawn from your registered retirement savings plan (RRSP) under the Home Buyers’ Plan or the Lifelong Learning Plan.
You have to contribute to the Canada Pension Plan (CPP). This can apply if for 2015 the total of your net self-employment income and pensionable employment income is more than $3,500.
You are paying employment insurance premiums on self-employment and other eligible earnings.

Even if none of these requirements apply, you can file a return for other reasons:

2015 Do you need to file a Canadian Tax Return