Misfeldt Accounting

What’s new for personal income tax in 2017?

Sale of principal residence:

Did you sell your home???

The capital gain on sale of your principal residence is still tax free. However, there has been an administrative change. You will now be required to report basic information about the sale on your personal tax return. Penalties will be assessed for not doing so.

You will need to report the following:

Residential address of house, year of purchase, selling price. No other information is required.

 

Canada child benefit:

The CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18. It replaces the Canada child tax benefit, national child benefit supplement and the universal child care benefit. As this benefit is now completely tax free, you no longer have to submit a RC62 tax slip (as in previous years). No tax slip will be issued for these child benefits.

 

Child fitness and arts tax credits:

The federal government has ended these tax credits. Therefore, you no longer need to gather and submit receipts.

 

This is for information purposes only and subject to change. Misfeldt Accounting is not liable for any misinterpretation of information.


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Accountants Kelowna

Misfeldt Accounting

104 - 1626 Richter Street · Kelowna · BC · V1Y 2M3 · 250-860-5882

Fax : (250) 860-5894 Email : info@misfeldtaccounting.com

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