The List of Tax Modifications Compiled by the CRA

The List of Tax Modifications Compiled by the CRA

For those interested, the Canada Revenue Agency (CRA) released the list of service credits, and individual amounts that have been modified for the tax-filing season.

CRA stated that for the 2015 tax year any Canadians requesting a Disability Tax Credit (DTC) will not be required to have submitted Form T2201, Disability Tax Credit Certificate, before they can file their T1 return online.

The Children’s fitness amount, and the child care expense deduction limits have been modified as well.

For families who have children enrolled in an approved program of physical activity after January 1, 2015, the Children’s fitness amount will be a refundable tax credit.

Dollar limits were expanded by $1,000 for the Child Care Expense Deduction. Meaning the maximum amounts which can be applied for children seven and under is $8,000, and for children between seven and sixteen $5,000 can be applied. As for children eligible for the Disability Tax Credit, $11,000 can be claimed.

For more information about tax preparation in Ottawa, visit our website at http://envolta.ca/services/tax-preparation/ or call us at (613) 567-7088. For the latest financial resources visit Business Guide Ottawa(http://businessguideottawa.ca/).