The Personal Tax Return Guide, 2016 Taxation Year is laid out in an easy to follow line-by-line format
2,592 | 11.6M | 10,537
Why should these numbers matter to you this tax season?
Stay current on all your client’s compliance concerns including real estate
2,592 – Income tax and GST/HST audits completed by CRA related to real estate in Ontario and B.C. *
11.6M – CRA-reviewed rebate claims*
10,537 – Penalties levied for being grossly negligent in reporting tax obligations correctly*
* For the period from April 2015 to June 2016
Audits related to real estate claims increased dramatically in B.C. and Ontario last year, with the Canada Revenue Agency (CRA) doubling its efforts in B.C. and auditing nearly six times as many files in Ontario as B.C.
That’s just one compliance concern that could impact your client outcomes this tax season. Be prepared for all “hot button” tax issues this season with valuable commentary from Thomson Reuters, along with helpful hints to speed return preparation.
The Personal Tax Return Guide, 2016 Taxation Year provides line-by-line instructions to assist you in completing and filing the 2016 Canadian Personal Tax Return. The Guide is laid out in an easy to follow line-by-line format, with a separate discussion/analysis and reporting instructions for each line of the tax return. There is a "See Also" section for each line of the tax return listing the related sections of the Income Tax Act (and Regulations), and relevant Canada Revenue Agency publications, including Interpretation Bulletins, Information Circulars, Income Tax Technical News, tax forms, tax guides and pamphlets. In addition, there are Helpful Hints scattered throughout the Guide which provide additional tax-planning information.
The Appendices to the Guide contain useful personal tax reference information to assist you in completing and filing the 2016 Personal Tax Return, including a Medical Expense Quick Reference Table, Canadian and U.S. Personal Tax Compliance Calendars, various Personal Tax Reference Tables and several Tax Planner Guides.
New in this edition
The Personal Tax Return Guide – 2016 Taxation Year has been updated to reflect legislative and administrative developments, including the 2016 federal budget measures contained in Bill C-15 (Budget Implementation Act, 2016 No. 1) and Bill C-29 (Budget Implementation Act, 2016, No. 2), and other federal and provincial legislative and administrative measures.
Personal income tax developments reflected in this edition include:
• Increase in the housing deduction available under the northern residents’ deduction
• Changes to reporting and ownership requirements for the principal residence exemption
• Repeal of the eligible capital property regime
• Replacement of the Canada child tax benefit and Universal Child Care Benefit with the new Canada child benefit
• Repeal of the education and textbook tax credits
• Phase-out and elimination of the children’s arts tax credit and children’s fitness tax credit
• Introduction of a new home accessibility tax credit
• Reduction of the second personal income tax rate and introduction of a new top personal tax rate
• Restoration of the labour-sponsored venture capital corporation (LSVCC) tax credit for share purchases of provincially registered LSVCCs
• Repeal of the family tax cut credit
• Introduction of a new eligible educator school supply tax credit
• Decrease in the Tax Free Savings Account annual contribution limit