Change to First Time Donor’s Super Credit
The First-time donor’s super credit (FDSC) supplements the value of the charitable donations tax credit (CDTC) by 25% on donations made after March 20, 2013, by a first-time donor.
For the purpose of the FDSC, you will be considered a first-time donor if neither you nor your spouse or common-law partner (if you have one) have claimed and been allowed a charitable donations tax credit for any year after 2007.
The FDSC applies to a gift of money made after March 20, 2013, up to a maximum of $1,000, in respect of only one taxation year from 2013 to 2017.
If you have a spouse or common-law partner, you can share the claim for the FDSC, but the total combined donations claimed cannot be more than $1,000
Children’s Fitness and Arts Tax Credits
There is going to be a phase out the children’s fitness and arts tax credits:
- Effective for the 2016 taxation year, the maximum eligible amount per child will be reduced to $500 from $1,000 for the children’s fitness tax credit (which will remain refundable for 2016) and to $250 from $500 for the children’s arts tax credit. The supplemental amounts for children eligible for the disability tax credit will remain at $500 for both credits for 2016.
- Effective for the 2017 and subsequent taxation years, both credits will be eliminated.
Teacher and Early Educator School Supply Tax Credit
For 2016 and subsequent taxation years, Budget 2016 proposes a new refundable tax credit calculated as 15% of up to $1,000 in eligible expenses per year, for supplies of an eligible teacher or early childhood educator. Therefore, the maximum tax credit is $150 per year. Call us to see if you are eligible.
Family Caregiver Amount (FGA)
Credit Tax relief for caregivers of infirm dependant relatives. This includes, for the first time, infirm spouses, common-law partners, and minor children. Canadians can claim this new, non-refundable tax credit for the first time when filing their 2012 taxes.
Ontario Healthy Homes Renovation Tax Credit
Starting with the 2017 taxation year, the Healthy Homes Renovation Tax Credit is no longer available. The Healthy Homes Renovation Tax Credit is a refundable personal income tax credit for seniors and family members who live with them. If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could get $1,500 back. The Healthy Homes Renovation Tax Credit can help with the costs of improving safety and accessibility in your home.
ON-Ben Tax Credit
The Ontario trillium benefit (OTB) is the combined payment of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. The annual OTB entitlement is usually divided by 12 and the payments issued monthly. Your 2017 OTB payments, which are based on your 2016 income tax and benefit return, will be issued on the 10th of each month, starting on July 10, 2017. The OTB program is legislated and funded by the Province of Ontario. The CRA administers this program on behalf of the province.
First Time Home Buyers Tax Credit
If you are a first-time home buyer, a person with a disability buying a home, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 when you buy a qualifying home.
Volunteer Firefighters Tax Credit (VFTC)
The volunteer firefighters tax credit is a non-refundable tax credit available to any volunteer firefighter who completed at least 200 hours of eligible volunteer firefighting services with one or more fire departments in the year.