Are you ready for the 2016 tax-filing season? Tax Strategies to Reduce Income Tax

Tax season is coming! Whether you file your own taxes or use a professional Tax Accountants (, the key to a satisfactory, tension-free result is organization. Trying to make sense of a rat’s nest of paper receipts, canceled checks, brokerage statements, and other miscellaneous bits of information is frustrating and time-consuming.

There are changes and enhancements to existing services, credits, and amounts for individual taxpayers for the 2016 tax-filing season!

  • Universal child care benefit (UCCB) – For the 2015 tax year, under the UCCB, families will receive $160 per month for each child under 6 and $60 per month for each child aged 6 through 17.
  • Disability Tax Credit – This year, Canadians claiming the Disability Tax Credit (DTC) will be able to file their T1 return online regardless of whether or not their Form T2201, Disability Tax Credit Certificate has been submitted to the CRA for that tax year.
  • Children’s fitness amount – As of January 1, 2015, this is now a refundable tax credit available to families with children enrolled in a prescribed program of physical activity. For tax years prior to 2015, this credit was non-refundable.
  • Child Care Expense Deduction limits – As of the 2015 tax year, the Child Care Expense Deduction dollar limits have increased by $1,000. The maximum amounts that can be claimed have increased to $8,000 for children under age seven, to $5,000 for children aged seven through 16, and to $11,000 for children who are eligible for the Disability Tax Credit.
  • MyCRA mobile app – Get your tax information anytime, anywhere, on your mobile device! In October 2015, new features were added to the MyCRA mobile app such as personalized benefit payment information, enhanced tax return status, and Canada child tax benefit application status. Starting February 2016, you will also be able to update your address, manage your online mail with the CRA, and sign up for direct deposit.

Small businesses and self-employed individuals:

Tax Strategies to Reduce Income Tax As Below:

  1. Manage your RRSP contribution.
  2. Maximize your non-capital losses.
  3. Maximize your charitable income tax credits.
  4. Maximize your Capital Cost Allowance (CCA) income tax claim
  5. Split your income.
  6. Take full advantage of the income tax deductions available to home-based businesses.
  7. Incorporate your business?

One reason many sole proprietors and partners incorporate their businesses is because of the tax advantages of incorporation. However, incorporating your business as a tax strategy will only be effective if your business has grown enough for incorporation to be worthwhile.

Start Reducing Your Income Tax Today

Tax Planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or considerably reduced.

CTL Business Group provides professional tax returns for corporations and personal/self employment, our professional Tax Accountants and Certified Management Consultants will analysis your situation and give you the best tax solutions.

Our business skills training school provide Tax Preparer courses for business owner and Accountants. For more information, please contact: 587-3538067

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