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A Baker’s Dozen Tax-filing Changes For This Year

Are you wondering how your tax return for 2016 might look different than in prior years? Here’s a summary of the key changes you’ll notice when preparing or reviewing your 2016 personal tax return. 1. Tax-rate changes The tax rate on income between $45,282 and $90,563 dropped to 20.5 per cent (from 22 per cent) for 2016. This will save you $680 federally if your income is over $90,563. On the flip side, any income over $200,000 will face a new tax bracket, resulting in an additional 4-per-cent tax. 2. Children’s fitness and arts amounts Sorry, but the tax credits for children’s fitness and...

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