Helping First Nations, Inuit and Metis with Tax Filing

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC  Nov 6 -9.

"When you reach the end of your rope, tie a knot in it and hang on." Franklin D. Roosevelt

Did you know that beginning with the 2015 tax year, the minimum required taxable withdrawal from a Registered Retirement Income Fund (RRIF) was reduced? Did you claim the amount correctly on your 2015 tax return as a result?

Taxes are going up on the East Coast, even for low earners, while small businesses pay more in a retroactive tax hike.  Meanwhile small business owners get a tax break in Alberta, despite the red ink there.  In short, Alberta and Newfoundland and Labrador took two very different approaches to dealing with loss of tax revenues from oil and gas last week.

CRA has revised Form TD1 2016 Personal Tax Credits Return so that those who live in prescribed and intermediate northern zones can reduce their tax withholdings accordingly and get more of their hard earned money back throughout the year.

Be sure to visit with a Tax Services Specialist to properly set up the accounts for the income and expenses you’ll be claiming in your small business.