Why Towler & Associates, CPAs?
- We are focused on small businesses!
- We don’t just work with numbers, we work with your needs.
- We listen and respond quickly, year round.
- We are trusted accountants and tax advisors
2014 Tax Changes
Mar 06, 2015
We are starting income tax season so this is an ideal time to review some of the changes that will apply to this year's tax return. A federal election is scheduled for later this year, so it is no coincidence that the tax changes will benefit many taxpayers. The most noticeable changes are those benefiting parents with minor children. The non-refundable fitness tax credit for children under 16 has been increased from $500 to $1,000. Next year, the fitness tax credit will be a refundable tax credit furthering the benefit to lower income families. The $500 arts tax credit remains unchanged.
A tax change benefiting families with children under 18 are provisions that allow a parent in a higher tax bracket to, in effect, transfer up to $50,000 of their taxable income to their spouse, providing a maximum tax reduction of $2,000. There are additional government measures that will benefit families in 2015 and subsequent years. Here is a link to Government of Canada that highlights the various programs.
Please contact our office if you have any questions as how these tax changes will affect your 2014 tax return.
TIMELY AND INFORMATIVE!
A newsletter for Business Owners, Professionals, and Investors.
Sign up for our
Business Matters Newsletter
WOW! When Susan and I asked you to do our personal income taxes, we had no idea that you could save us so much money. Not only did you reduce my tax bill, but you got a refund for Susan. AND your bill was much less than we thought it might be. Incredible. Thank you, and see you next tax season.
- Return To Work Raises Crucial Legal Questions For Organizations — Feb 22, 2022
- How To Check If You Have Unclaimed Cheques From The Cra — Feb 22, 2022
- 5 Financial Mistakes To Avoid When You’re Young — Feb 22, 2022
- You’ve Just Learned Cra Intends To Review Your Tax Return. Now What? — Feb 22, 2022
- Business Matters June 2021 — Jun 09, 2021