A Few 2016 Personal Tax Changes:
1. New Eligible Educator School Supply Tax Credit for up to $1,000 school supplies.
2. No Family Tax Cut - means lower refund in 2016.
3. TFSA annual limit reduced to $5,500 from $10,000.
4. OAS age changes back to 65. Taxpayers can still defer up to five years.
5. Compassionate Care Benefits is much more generous - now available up to 6 months as oppose to six weeks.
6. Home Accessibility Tax Credit - maximum 15% of $10,000 or $1,500 for DTC-eligible or age 65 or older.
7. Starting 2016 all individuals would need to report the sale of their principal residence on their 2016 personal
income tax return. See the link below: