2016 Tax Year

Where did the year go!  It seems just yesterday that we were swimming in 2015 T4’s, T5’s and RRSP slips.  It’s now time to get organized for the 2016 tax year.

Once again MMC is offering tax return e-file service or, if you prefer, we can use submit your return using paper.

Important dates to remember

Last day to file your 2016 tax return:  Monday May 1, 2017, because April 30 falls on Sunday this year.

If you or your spouse carried on a business in 2016 your return is due on or before June 30, 2017.  Any balance owing, however, is due on April 30 2017.

Installment dates:  March 15, June 15, September 15 and December 15.

Deductions and credits that may be available

Family and child care

Education and textbook credits

Disability

Pensions and RRSP’s

Employment expenses

Children’s fitness and arts amounts – 2016 is the last year for this credit

Home accessibility costs – must be over 65 of age

School supply tax credit – if you’re an eligible educator, 2016 is the first year you can claim – maximum $1, 000.00 for teaching supply costs.