Personal Tax Credit Changes for 2017

There was a lot on the chopping block this year. Let’s find out if your favorite tax credit made the cut for 2017.

New Tax Credits

The Canada Caregiver Amount is new for 2017. It replaces all these tax credits from prior years:

• The Family Caregiver Amount
• The Caregiver Amount or
• The Amount for Infirm Dependents aged 18 or older

The big difference between the Canada Caregiver amount and its predecessors is that you can no longer claim the credit for in home care of your parents or grandparents if they are not infirm. On the plus side, you no longer have to live with your infirm dependant to make the claim. You can find out more here

Changes to Tuition Credits
In the past, only tuition paid for post-secondary level courses qualified for a tax credit. If you took other courses at a college, university, or other educational facility, your fees didn’t qualify. In 2017, the definition of tuition has expanded and your education costs may be eligible. For example, second language courses and courses to upgrade your work skills may now be eligible.

Medical Expense Tax Credit – Fertility Treatments
Costs associated with treating infertility are now included as eligible medical expenses. Even better, the change is retroactive, so if you’ve paid for fertility treatments in the past 10 years, your past tax returns can be adjusted to include these credits. If you need help claiming past amounts, let us know, we can help

Finally,

Let’s take a moment to remember the tax credits we lost in 2017

• The Children’s Fitness Tax Credit, although there may still be a provincial fitness tax credit available.
• The Children’s Arts Amount,
• Education and textbook amounts.
• Public transit amounts (discontinued on July 1, 2017)
• Labour sponsored venture capital tax credit