If you Google tax questions you’re not alone. According to Google trends Canadians’ tax searches increase every year between February and May.   Here are the top four Googled tax questions for 2017;

#1   Income Tax Deadline in Canada. The last day to file your personal income tax return in Canada is always April 30. If you or your spouse are self-employed your tax filing deadline is extended to June 15th. If either of these dates fall on a weekend, you have until the following Monday at midnight to file.

#2  Income Tax Calculator. Everyone wants to get a quick answer to how much their refund is going to be or how much tax are they going to have to pay. However, since everyone’s tax situation is unique a tax professional can’t just provide you with a quick calculation. However, if you want to try; H&R Block does have a tax calculator you can use to estimate your refund or amount of tax owing.

#3 Canadian Tax Brackets. This is a popular search during tax time. Federal personal income tax brackets and 2017 tax rates are as follows:

  • 15% tax rate on the first $45,916 of taxable income
  • 5% tax rate on taxable income between $45,917 – 91,831
  • 26% tax rate on taxable income between $91,832 – 142,353
  • 29% tax rate on taxable income between $142,354 – 202,800
  • 33% on taxable income over $202,801

Don’t forget to include the Provincial tax rates; Ontario’s 2017 Personal Income Tax Brackets and Rates are as follows:

  • 05% on the first $42, 201 of taxable income
  • 15% for taxable income between $42,201 – 84,404
  • 16% for taxable income between $84,404 – 150,000
  • 16% for taxable income between $150,000 – 220,000
  • 16% for taxable income above $220,000

#4   Canada Family Credits. The Canada Child Benefit (CCB) is a non-taxable benefit. It was created in 2016 and replaced the Universal Child Care Benefit (UCCB) to help cover the expenses of raising children. The amount you receive is based on your family income and you must file a tax return to receive it. Going forward, the CCB will increase 1.5% for the period July 2018 – June 2019. This will give families an $80 increase per child per year, and $41 per child more for those that qualify for the Child Disability Benefit.

As always, I recommend you use a qualified professional to help with all financial matters; including the preparation of your tax return. I read a great quote on Linked-In “If you think it is expensive to hire a professional, wait until you see what an amateur cost you”. I don’t prepare tax returns myself, but if you need a name of a good accountant don’t hesitate to give me a call.

Happy Easter,

Tracey

 

 

Sources: Original article posted on Advisor.ca Clients’ Most Googled Tax Questions by Staff 03-26-18, H&R Block, TD Asset Management Tax & Retirement Planning Guide, Taxtips.ca

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