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General Filing Numbers:

Low-interest Loans
The current family loan rate is 1%.

Medical Expenses Threshold
For the 2016 tax year, the maximum is 3% of net income or $2,237, whichever is less.

Donation Tax Credits
After March 20, 2013, the first-time donor super credit is 25% for up to $1,000 in donations, for one tax year between 2013 and 2017.

Basic Personal Amount
2016 - $11,474 (line 300 of your tax return)

Working Tax Filers:

Maximum RRSP Contribution Room:
18% of your previous year’s earned income to a maximum of:

2016 - $25,370 *Reminder: contributions to be applied to your 2016 tax return must be made by March 1, 2017

2017 - $26,010

TFSA Contribution Limit
The annual limit for 2017 is $5,500. The total room available for someone who has never contributed before and has been eligible since TFSA’s were introduced in 2009 is $52,000.

Maximum Pensionable Earnings
2016 - $54,900

2017 - $55,300

*The basic exemption amount for both years is $3,500

Maximum EI Insurable Earnings
(Federal)
2016 - $50,800

2017 - $51,300

Lifetime Capital Gains Exemption
2016 - $824,176

2017 - $835,716

First-time Home Buyers’ Amount
If you purchased a home last year, you may be eligible to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750.

Senior/Retiree Filers:

Age Amount
This can be claimed if you were 65 years of age or older on December 31, 2016 and have income less than $83,427. The maximum amount that can be claimed in 2016 is $7,125.

Pension Income Amount
If you reported eligible pension, superannuation or annuity income you may be entitled to claim up to $2,000.

OAS Recovery Threshold
If you net world income exceeded $73,756 for 2016, you may have to repay part of, or the entire amount of OAS pension collected. This is commonly referred to as the OAS “clawback”.

Filers with Children:

Children’s Fitness Tax Credit
This credit is being phased out, and will be gone as of 2017. If your client’s children played baseball, soccer, or participated in some other program of physical activity, clients may be able to claim up to $500 of the cost of the program(s) in 2016 per child. For 2016 parents can also claim an additional $500 for each eligible child who qualifies for the disability amount and for whom they’ve paid at least $100 in registration or membership fees for an eligible program.

Children’s Arts Tax Credit
This credit is being phased out, and will be gone as of 2017. If your children participated in a program of artistic, cultural, recreational, or developmental activity such as tutoring, you may be able to claim up to $250 of the fees paid, per child, on these programs for 2016. For 2016 parents can also claim an additional $500 for each eligible child who qualifies for the disability amount and for whom they’ve paid at least $100 in registration or membership fees for an eligible program.

Family Caregiver Amount
For 2016, if you have a dependant who’s physically or mentally impaired, you may be able to claim up to an additional $2,121 in calculating certain non-refundable tax credits.

Disability Amount
2016 - $8,001 (non-refundable credit), with a supplement up to $4,667 for those under 18 (the amount is reduced if child care expenses are claimed).

Child Disability Benefit
2016 – up to $2,730 (tax-free benefit) for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions.

Canada Child Benefit (CCB)
Came into effect July 1, 2016. The maximum CCB benefit (non-taxable) is $6,400 per child under age 6 and up to $5,400 per child aged 6 through 17. The benefit is based on your family net income.

Universal Child Care Benefit (UCCB)
This benefit was replaced with the Canada Child Benefit (described above) as of July 1, 2016. However, Canadian residents can still apply for previous years if they meet certain conditions, including living with the child and being primarily responsible for the child’s care and upbringing.

Child Care Expense Deduction Limits
The maximum amounts that can be claimed:
$8,000 – for children under age 7
$5,000 – for children aged 7 through 16
$11,000 – for children who are eligible for the disability tax credit

As always, it is recommended that you consult with a professional to ensure your taxes are filed accurately to maximize the credits and strategies available to you. The team at Zebroski and Associates completes annual tax returns for many of our clients, a service which is conveniently facilitated through our office. If you would like more information, please do not hesitate to contact us.

Zebroski and Associates is an independent company. Scotiabank companies have no liability for activities outside of HollisWealth.
Source: Staff. "Essential Tax Numbers." Advisor.ca . N.p., 16 Jan. 2017. Web. 07 Feb. 2017.