New: Personal Support Workers Tax Credit Coming Soon

Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories.  Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement.  Here are the details:

Brian Dunn, CPA, CMA, from Calgary, AB, shares his thoughts about the T1 Professional Tax Preparation – Basic course:

The federal government is on the hunt for new tax revenue from Canada’s small businesses, mainly because of an erosion of the personal tax base and a significant shift of taxable income to the corporate tax base instead.

In July, we asked you to vote on the following question: Does CRA do enough to ensure Canadians understand income tax and GST/HST implications of flipping personal residences? (For example, taxable dispositions require repayment of new housing rebates.)

We may be in the dog days of summer, but before you know it teachers will be planning for the fall of 2017, and in the process may be spending their own money to buy new school supplies.

The Canada Child Benefit (CCB) and Goods and Services/Harmonized Sales Tax Credit (GSTC) are both calculated based on net family income from the prior tax year.

"Move fast and break things. Unless you are breaking stuff, you are not moving fast enough."  —Mark Zuckerberg