Income Taxes Updates 2016 - 2017 Series

January 1, 2017

Happy New Year!

As now it is 2017 and we are running into the tax season, I'd like to do a series of Income Taxes Updates on Federal and Provincial - BC only for personal and businesses for 2016 - 2017, so we can all prepare for doing our income tax return for 2016 and can plan for what's coming in 2017.

This series will be divided into 3 parts:

Part 1:  Personal Federal Taxes Changes

1. Family Tax Cut - Income Splitting for Couples
2. Children's Fitness and Arts Tax Credits
3. Canada Child Benefit
4. Eligible Educator School Supply Tax Credit
5. Credits for Tuition, Education, and Textbook Amounts
6. Principal Residence Exemption
7. Charitable Donations Tax Credits
8. Canada Pension Plan Enhancement

​Part 2:  Corporate Federal Taxes Changes

1. Changes to Small Business Deduction Rate
2. Replacement of Eligible Capital Property by Capital Cost Allowance (Class 14.1)
3. Small Business Deduction Changes
4. Debt Parking to Avoid Foreign Exchange Gains
5. Changes to tax avoidance rules re: subsection 55(2)
6. Valuation of Derivatives

Part 3:  Personal Provincial Taxes Changes - BC Only

1. BC Seniors Home Renovation Tax Credit
2. Home Owner Grant
3. Mining Incentives
4. Property Transfer Tax Changes
5. Medical Service Plan Related Changes