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- We are focused on small businesses!
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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.
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I recently required the tax services of a Chartered Professional Accountant, Warren Towler of the award winning accounting firm Towler & Associates, CPA's located in North Vancouver. Warren helped me and my wife save much more than I thought I could possibly save on my taxes this year. Not only did we receive a much larger refund than we were expecting, but Warren's professionalism and diligence were outstanding. Warren made the dreaded tax season a delight and I am highly recommending Warren…
Bill Hamilton, Colorworks