Category Archives: Personal Income Tax

2015 Federal Budget

The 2015 Federal Budget includes a number of items that may impact your personal tax situation. The Lifetime Capital Gains Exemption for farming and fishing businesses has increased to $1 million for dispositions after April 21, 2015. The TFSA annual contribution limit has been increased to $10,000 for 2015 and future years. The minimum annual…
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Family Tax Cut

Canada Revenue Agency (CRA) has announced that there has been an amendment to the calculation of the Family Tax Cut. Tuition, textbook and education credits can now be transferred from a common-law partner or spouse. The change is retroactive to 2014 and will also apply to future years. CRA has indicated that they will do…
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Children’s Fitness Tax Credit

Since 2012, families have been claiming a Children’s Fitness Tax Credit (CFTC) to a maximum of $500 per year providing a tax savings of up to $75 per eligible child.  The CFTC was a non-refundable credit, so low income families that did not pay taxes received no benefit from this credit.  The government announced that…
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Personal Tax Returns

You may be surprised to learn that the accountants at HLW look forward to income tax season. After all, most accounting firms dread this time of year. At HLW income tax season is an opportunity to renew acquaintances with personal tax clients, many of whom have become good friends over the years. More than that,…
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