Lebelle Tax & Financial Planning Services

03/26/2018

A frequently missed deduction: Interest paid on your student loans.
Don’t miss out:

Information for individuals about the interest paid on your student loans which reduces your federal tax.

03/24/2018

Did you purchase your first home in 2017? If so, you may be entitled to claim the Home Buyer’s Amount of $5,000 on the purchase of a qualifying home.

Information for individuals about home buyers' amount (First-Time Home Buyers' Tax Credit), which reduces your federal tax.

03/20/2018

This is a video which shows how taxpayers can spot a scam, and how to react.

03/19/2018

BEWARE of CRA Scammers!

This is a video which shows how taxpayers can spot a scam, and how to react.

03/08/2018

Did you know that you now have to disclose the sale of your principal residence on your tax return?

Before 2016, if you sold your property, and it was your principal residence for every year you owned it, you did not have to report the sale to claim the principal residence exemption.

However, on October 3, 2016 the federal government announced that, starting with the 2016 tax year, the sale of a principal residence must be reported on Schedule 3 of the tax return, in order to claim the principal residence exemption.

Click on the link to see what’s required.

Sale of your principal residence

03/06/2018

A frequently missed deduction: Interest paid on your student loans.

Don’t miss out: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-319-interest-paid-on-your-student-loans.html

03/05/2018

Filing due dates for the 2017 tax return.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals/filing-dates-2016-tax-return.html

03/04/2018

We've had many questions about the Children's Fitness and Arts Tax Credit. Unfortunately this credit was phased out and eliminated for the 2017 taxation year.

Click on the link for more information:
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2016-growing-middle-class/childrens-fitness-arts-tax-credits.html

03/03/2018

Are you planning on Buying your first home? Don’t forget to have a look at the Home Buyer’s Plan!

The conditions that need to be met to withdraw funds from your Registered Retirement Savings Plan (RRSP) for the Home Buyers' Plan (HBP), how to repay withdrawals, how to cancel your participation.

03/02/2018

ATTENTION Teachers and Early Childhood Educators!!! Don't forget about the School Supply Tax Credit. Claim a 15% refundable tax credit on purchases of eligible teaching supplies.

This page provides the Questions and Answers (Qs and As) in respect of the Teacher and early childhood educator school supplies tax credit.

03/01/2018

Have you had a recent change in your Marital Status? If so, it's important to keep CRA updated with any changes to ensure that you receive the benefits and credits that you are entitled to based on your situation.

Click on this link for more information:
https://www.canada.ca/en/revenue-agency/services/child-family-benefits/update-your-marital-status-canada-revenue-agency.html