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Personal Income Tax Services
  • Prepare or Review Personal Income Tax Returns
  • Income Tax Services for Self-Employed Individuals
  • Identify and Maximize Income Expenses
  • Tax Planning and Advisory Services
  • Prepare or Review Tax Appeals
  • Assistance During Tax Audits
2016 Tax Return Completion

Tax season is upon us so, please use the checklist as a guide to help us prepare your return.

Once you have completed the checklists and compiled the supporting documents please arrange an appointment. You can call our office at 519-679-8391 and speak with Helen or email her at helen@michaelkingca.ca.

Remember that there are government deadlines and penalties. Your income tax return must be postmarked or received by the Canada Revenue Agency no later than May 2, 2016. If you, or your spouse, are self-employed your return is due June 15th, however, all taxes owing are to be paid by May 2nd to avoid incurring interest charges.

In order for us to assist you to meet this deadline, it is imperative that you get your package to us as soon as possible to allow time for preparation and resolution of any potential issues. Due to popular demand we are continuing the draw for a cash prize for bringing your completed tax information before certain dates. We will have two deadline dates of March 31st and April 10th. If your completed information is received before these dates you will be entered into a draw for a cash prize of $50.00! If you are entered into the March 31st draw, than you will also be entered into the April 10th draw.

Child Care Amounts

  • 1. The child care deduction has been increased by $1,000 therefore, the new limits are:

  • Children under age 7 is $8000
    Children age 7 to 16 (or over 16 and infirm) is $5000
    Children with a Disability Tax Credit is $11,000

  • 2. The Child Tax Credit has been eliminated. In 2014, the amount was $2,255 per child.

  • 3. The Universal Child Care Benefits are now as follows:

  • Children under age 6 is $160/month
    Children age 7 to 17 is $60/month

These amounts were effective January, 2015. However, payments started in July, 2015. Please be aware that July 2015 payments covered the first 7 months of the year.

2016-New-Home Accessibility Tax Credit

Keep those renovation invoices from 2016 for next years` return. The non-refundable credit will provide tax relief of 15% on up to $10,000 of eligible expenditures (renovations to a qualified dwelling to enhance mobility or reduce risk of harm) per calendar year, per qualifying individual (persons 65 years of age or older at the end of the particular taxation year or persons eligible for the Disability tax Credit).

A good website to use as a financial goal calculator which is a new tool that will help taxpayers of all ages plan and reach their financial goals shown below:

http://itools-ioutils.fcac-acfc.gc.ca/FGC-COF/home-accueil-eng.aspx

Lastly, I have had a number of calls regarding "phishing schemes". CRA notes that it will never request via email, personal information of any kind from a taxpayer.

As always, we look forward to working with you.

Sincerely,

Michael A. King, C.A.

To download the 2015 Personal Tax Checklist (PDF format) click here.