Category Archives: Personal Income Tax

New Tax Credit for Teachers

If you are a teacher or early childhood educator employed at an elementary or secondary school, or at a regulated child care facility, you may be eligible to claim the Eligible Educator School Supply Tax Credit. The credit is worth a maximum tax savings of $150. You will need to keep receipts for the purchases…
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2016 Numbers

Here are some personal financial planning numbers for 2016: RRSP Limit - $25,370 Maximum pensionable earnings - $54,900 Maximum CPP retirement pension - $1,092.50 per month Maximum OAS pension - $570.52 OAS Clawback threshold - $73,756 TFSA limit $5,500 Maximum tax rate on ordinary income in BC - 47.7%
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When to start taking your CPP?

You can start receiving your Canada Pension Plan retirement benefits anytime between 60 and 70. If you start collecting before 65, your benefits will be reduced by 7.2% per year. If you start collecting your benefit after 65, your benefits are increased by 8.4% per year. The result is that if you start taking your…
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2016 TFSA Limit

The Tax Free Savings Account annual contribution limit for 2016 and subsequent years will be rolled back to $5,500 from the $10,000 limit in 2015. The 2015 limit remains and that means even if you did not make the full contribution in 2015, that contribution room will remain available to you. The cumulative limit in…
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