2015 Q1 Tax Tips & Traps

Posted on August 5, 2015 by djb | Posted in Tax Insider, Tax Tips

Tax Tips & Traps 2015 Q1TAX TIDBITS… some quick points to consider
  • An individual may go back, up to 10 years to access Disability Tax Credits, as well as certain other items, if not previously claimed.
  • Scientific Research & Experimental Development credits may be available where a business invests funds to improve manufacturing efficiency.
  • The Federal Government has proposed changes which may make the sale of goodwill more costly in the future.

Contact us if you have questions or wish to discuss!

FAMILY TAX CUT: Income Splitting and Other Benefits for Families with Children

On October 30, 2014, Prime Minister Stephen Harper announced personal tax changes with respect to families. These changes were passed into law on December 16, 2014.

  • The Family Tax Cut is a new non-refundable credit. Essentially, you get a Federal tax credit intended to simulate the annual Federal tax benefit of income splitting with a lower income spouse to a maximum transfer of $50,000 and a maximum tax benefit of $2,000.

This will start on 2014 personal tax returns.

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