{"id":86593,"date":"2021-06-21T10:26:12","date_gmt":"2021-06-21T14:26:12","guid":{"rendered":"https:\/\/formationconstruction.com\/uncategorized\/unmissable-in-april\/"},"modified":"2022-10-31T13:01:12","modified_gmt":"2022-10-31T17:01:12","slug":"unmissable-in-april","status":"publish","type":"post","link":"https:\/\/formationconstruction.com\/en\/articles\/unmissable-in-april\/","title":{"rendered":"Unmissable in April!"},"content":{"rendered":"
The deadline for submitting is April 30, 2017\u00a0 ; and since it is a Sunday, your statement will be considered ”\u00a0 received on time\u00a0 \u00bbIf received or bearing the postmarked date\u00a0 from the 1st\u00a0 May 2017.<\/p>\n
If you have a balance owing for 2016, you must also pay it\u00a0later\u00a0 April 30, 2017.<\/u><\/p>\n
Do you know what expenses you can\u00a0 deduct from your return\u00a0 ?<\/em><\/p>\n The list of eligible expenses is long, however, for each expense, make sure you can justify it in the event of an audit by a tax official.<\/p>\n If your office is in a house or apartment that you rent and live in, you can deduct the portion of your rent and maintenance costs that correspond to the use of the space for your\u00a0 office.<\/p>\n Expenses\u00a0 related to your workspace are also deductible\u00a0 such as the costs of electricity, heat, maintenance, property taxes and home insurance premiums associated with maintaining your office.<\/p>\n However, you\u00a0 you can not\u00a0 deduct mortgage interest, nor claim federal building capital cost allowance.<\/p>\n Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns206-236\/229\/cmmssn\/hm-eng.html<\/a><\/p>\n <\/p>\n You can\u00a0 include in your expenses the costs of using an Internet line, a telephone line or a cell phone connected to your professional activity.<\/p>\n Most training is tax deductible (seminars, exhibitions, evening classes, purchase of documentation) when these costs are to maintain, update or enhance professional skills.<\/p>\n You can deduct the fees paid to outside firms for advice, services and consultations (tax preparer, accountant, graphic designer, lawyer\u2026).<\/p>\n Link\u00a0 : http:\/\/www.revenuquebec.ca\/fr\/entreprises\/taxes\/tpstvhtvq\/ctirti\/depensesadmissibles\/default.aspx<\/a><\/p>\n You can claim an amount for expenses paid for 2016 for expenses related to the use of your business vehicle such as gasoline, insurance premiums, parking and tolls.\u00a0 If you use the\u00a0public transport, taxi, train or even the plane you can also deduct these trips from your taxes.<\/p>\n You can claim the cost of public transit passes for yourself, your spouse or common-law partner, as well as your children or those of your spouse or common-law partner. done, under the age of\u00a0 from 19\u00a0 years\u00a0 the\u00a0 31\u00a0 December\u00a0 2016.<\/p>\n Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns360-390\/364\/lgblty-eng.html<\/a><\/p>\n All the\u00a0 charges such as business meals, gifts to customers (theater tickets, shows, sports), accommodation (hotels) and public transport costs\u00a0 are eligible.<\/p>\n In general, the deductibility of entertainment expenses is limited to 50%. All related expenses such as taxes, tips and entrance fees are subject to this limit, with the exception of the expense of transportation to get to an entertainment activity, which remains fully deductible.<\/p>\n Link\u00a0 : http:\/\/www.revenuquebec.ca\/fr\/citoyen\/declaration\/produire\/particularitestravaut\/depenses-frais-repas-representation.aspx<\/a><\/p>\n The\u00a0 deductible contributions to an RRSP\u00a0 can be used to get a tax credit.<\/p>\n Any income accrued in the plan is usually tax-free during the period the funds remain in the plan. However, you generally have to pay tax when you receive money from the plan.<\/p>\n Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/rrsp-reer\/rrsps-eng.html<\/a><\/p>\n You can request an amount of 5\u00a0 000\u00a0 $ for the purchase of a\u00a0 qualifying home you acquired in\u00a0 2016 if the\u00a0 of them\u00a0 following conditions apply\u00a0 :<\/p>\n Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/ciaph\/<\/a><\/p>\n Until 2015, you did not have to provide information on your federal income tax return in the event of the sale of your home, nor did you have to report a capital gain.<\/p>\n You must now complete the appendix\u00a0 3, even if your home was your primary residence for all the years you owned it.<\/p>\n This declaration is required for sales made from 2016.<\/p>\n If you forget this declaration, you risk a penalty which could reach 8000\u00a0 $.<\/p>\n This tax credit is deductible from your gross taxable income.<\/p>\n Recognized eco-responsible renovation work must have been carried out by a\u00a0 qualified entrepreneur\u00a0 under an agreement entered into after\u00a0 March 17, 2016\u00a0 and before the 1st\u00a0 April 2017 provided that the expenses are paid before October 1, 2017. The qualified contractor must complete the Certificate of compliance of goods with eco-responsible standards.<\/p>\n The maximum amount of the tax credit that you can claim regarding your\u00a0qualifying home\u00a0(This link will open a new window)\u00a0is of\u00a010\u00a0000\u00a0$.\u00a0It corresponds to 20% of the portion of eligible expenses that exceeds\u00a02\u00a0500\u00a0$\u00a0than\u00a0you will have paid after the\u00a0March 17, 2016\u00a0and before\u00a01st\u00a0October 2017.<\/p>\n Note that the eligibility period for the R\u00e9noVert tax credit is extended until\u00a0 31\u00a0 March\u00a0 2018\u00a0 for all eligible work. For more information on the specifics of this extension, see the new tax\u00a0 :\u00a0Extension of the R\u00e9noVert tax credit until 2018<\/a> .<\/p>\n You are eligible for the new municipal tax subsidy (shown on your municipal tax bill) if you were at least 65 years old in 2015, you have owned your home for at least 15 years and your family income does not exceed $ 50,000.<\/p>\n You can claim a refundable tax credit for\u00a0 for\u00a0 the activities of your children (artistic, cultural, recreational or development).<\/p>\n These fees give entitlement to a federal and provincial tax credit.<\/p>\n Note that next year this tax credit will no longer exist.<\/u><\/p>\n So we take advantage of it even if we note this last year a drop in eligible federal expenses. The maximum amount eligible for the children’s fitness tax credit has been lowered to 500\u00a0 $ per child.<\/p>\n This tax credit is equal to 20\u00a0 % of the amount of registration or membership fees giving entitlement to this credit. The maximum amount of these fees is 400\u00a0 $ per child for a maximum tax credit of 80\u00a0 $ per child.<\/p>\n If the child has a severe and prolonged impairment in mental or physical functions and the registration or membership fees paid for that child are at least\u00a0 100\u00a0 $, you can add 400\u00a0 $ in the amount of these charges. Note that the total of these two amounts (i.e. 400\u00a0 $ and the amount of registration or membership fees) cannot exceed 800\u00a0 $ for a maximum tax credit of 160\u00a0 $.<\/p>\n Link\u00a0 : http:\/\/www.revenuquebec.ca\/fr\/citoyen\/situation\/parent\/autres_infos\/creditactivitesenfant.aspx<\/a><\/p>\n Childcare costs for children 16 and under\u00a0 give the right to a provincial tax credit (except daycare costs at $ 7) and a federal deduction. You will receive more than last year, but on the other hand, there is no indexation until 2020.<\/p>\n The maximum benefit reaches 6400\u00a0 $ for children under 6\u00a0 years and 5400\u00a0 $ for those aged 6 to 17\u00a0 years.<\/p>\n A first reduction applies if the net family income (after deductions) exceeds 30\u00a0 000\u00a0 $, then a second beyond 65\u00a0 000\u00a0 $.<\/p>\n This year again, the UCCB affected during the first six months of 2016 will have to be declared.<\/p>\n In fact, the new Canada Child Benefit (CCB) is not taxable.<\/p>\n Link\u00a0 : http:\/\/www.revenuquebec.ca\/fr\/citoyen\/situation\/parent\/autres_infos\/credit_enfant\/conditions.aspx<\/a><\/p>\n You can claim the deduction of medical expenses (prescription drugs, glasses, dentist, acupuncturist, chiropractor, shrink, orthodontist …).<\/p>\n The health contribution is halved this year for people with an income below 41\u00a0 265\u00a0 $ ($ 50 instead of $ 100) and it goes from $ 200 to $ 175 for higher incomes.<\/p>\n Note that the health contribution will no longer exist in 2017.<\/u><\/p>\n Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/medicale\/<\/a><\/p>\n You have five years to report your charitable donations and claim your tax credits when you file your tax return. By combining the donations of the spouses on the same return, you will reach the threshold more quickly from which the credit becomes more profitable.<\/p>\n Link\u00a0 : http:\/\/www.cra-arc.gc.ca\/chrts-gvng\/dnrs\/svngs\/menu-eng.html If you had\u00a0 65 and over in 2017\u00a0 and that you live in Quebec, you can claim a tax credit. For the years 2016 to 2018, these changes raise the age of eligibility for the tax credit from 65 to 62 and gradually increase the eligible income threshold to $ 10,000 for all workers.<\/p>\n This credit is reduced by 5\u00a0 % of income that exceeds 33\u00a0 505\u00a0 $.<\/p>\n Link\u00a0 : http:\/\/www.revenuquebec.ca\/fr\/citoyen\/credits\/travailleur_aine\/default.aspx<\/a><\/p>\n <\/p>\n You can deduct the amounts included in your income from a previous year if you fill out\u00a0 both\u00a0 following conditions:<\/p>\n
\nBUSINESS FEES:<\/strong><\/h2>\nThe costs of your office:<\/u><\/h3>\n
Telecommunications costs\u00a0 :<\/u><\/h3>\n
<\/u>Training costs\u00a0 : <\/u><\/h3>\n
The fees:<\/u><\/h3>\n
\nTRAVELLING EXPENSES :<\/strong><\/h2>\n
\nREPRESENTATION FEES\u00a0 :<\/strong><\/h2>\n
\nRRSP FEES (Registered retirement savings plan)\u00a0 :<\/strong><\/h2>\n
\nREAL ESTATE COSTS\u00a0 :<\/strong><\/h2>\nPurchase\u00a0 :<\/u><\/h3>\n
\n
Sale\u00a0 :<\/u><\/h3>\n
\nR\u00e9novert tax credit\u00a0 :<\/u><\/h3>\n
\nFAMILY EXPENSES\u00a0 :<\/strong><\/h2>\nYour children’s activity costs\u00a0 :<\/u><\/h3>\n
\nChildcare costs\u00a0 :<\/u><\/h3>\n
\nMedical costs\u00a0 :<\/u><\/h3>\n
\nCHARITABLE DONATIONS\u00a0 : <\/strong><\/h2>\n
\n<\/a>\u00a0<\/strong><\/p>\nWORKER 64 YEARS OLD OR OVER\u00a0 :<\/strong><\/h2>\n
REIMBURSEMENT OF SALARY OR SALARY INSURANCE BENEFITS:<\/strong><\/h2>\n
\n