Here’s a summary of tax changes for the year. Please contact us if you have any questions or to book an appointment to discuss your taxes.
There are no changes to tax rates or brackets for 2017. Income tax rates for individuals can be found here.
Public Transit Tax Credit
This credit has been eliminated as of July 1, 2017. You can still claim eligible public transit expenses incurred before this date.
Tuition Tax Credit
The tuition tax credit has been extended to include tuition fees paid for occupational skills courses offered by a university, college or other post-secondary institution. Courses must be taken for the purpose of gaining skills in an occupation and the individual must be at least 16 years of age. For 2017 this extended definition of ‘qualifying student’ will be used for the purposes of tax exempt status for scholarships and bursaries.
In Ontario, the provincial portion of the tax credit has been eliminated completely for any studies that occur after September 4, 2017. The eligible portion of the 2017 tuition credit will still be transferable to a qualifying family member. In lieu of the tuition credit, the Ontario Government is offering free tuition to students whose parents earn less than $50,000 per year and are attending full time. For students whose parents earn more than this, there are additional grants available through OSAP based on income, tuition and living expenses at your school.
Disability Tax Credit Certification (Nurse Practitioner)
As of March 22, 2017, nurse practitioners will be permitted to certify for disability tax credit eligibility for impairments within their scope of practice.
Medical Tax Credit
Beginning in 2017, the medical expense tax credit will be extended so that individuals requiring medical intervention for conception are eligible to claim the same expenses that would be eligible for treatments for infertility. The taxpayer will be able to elect to apply this measure for any of the preceding 10 taxation years.
Consolidation of Caregiver Credits
For 2017, a new single Canada Caregiver Credit will replace the existing caregiver credit, infirm dependent credit, and family caregiver tax credit. The dependent will not be required to live with the caregiver, but the credit will no longer apply to non-infirm seniors residing with adult children.
Electronic Distribution of T4 Information Slips
For 2017, employers are no longer required to obtain express consent from current employees to distribute T4 slips electronically, as long as sufficient privacy safeguards have been put in place.