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Filing your income tax and benefit return on time helps prevent delays in receiving your benefits and credit payments. If you have a balance owing, paying on time helps you avoid possible interest and penalty charges.

Important Facts

Most Canadian income tax and benefit returns for 2016 are due on April 30, 2017. However, as this date is a Sunday, the CRA will consider your return filed on time and your payment made on time if the Canada Revenue Agency (CRA) receives your submission by midnight on May 1, 2017, or if it is postmarked May 1, 2017.

Self-employed individuals and their spouses or common-law partners have until June 15, 2017, to file their income tax and benefit returns, but any balance owing is still due on or before April 30, 2017.

Last year, 84% of Canadians filed their return electronically.

Filing On Time And Online

If you file electronically and are registered for online mail, you could receive the results of your assessment immediately after you file and your notice of assessment within 24 hours using the Express NOA service. Join the 84% of Canadians who already benefit with online filing. If you don’t file on time, your benefit and credit payments such as the Canada child benefit (CCB) and the goods and services tax/harmonized sales tax (GST/HST) credit, could be interrupted or stopped.

Seven Ways Your Family Can Save At Tax Time

Raising a family can be expensive, but there are many benefits, credits, and deductions that can help your family with costs during the year. They could even lower the amount you owe at tax time! However it is important to file on time if you want your credits.

Check Out These Potential Savings Can Save At Tax Time

Canada child benefit (CCB) – The CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18. The CCB might include the child disability benefit and any related provincial and territorial programs. You could get up to $6,400 annually for each child under the age of 6 and $5,400 annually for each child aged 6-17. Apply for the CCB in one of the following ways:
Automated Benefits Application
My Account
Form RC66, Canada Child Benefits Application

Child Care Expenses

Did your kids attend daycare or a child care program in 2016? You or your spouse or common-law partner might be able to claim what you spent on eligible child care in 2016.

Working Income Tax Benefit

If you are a working family or individual with a low income, you might be eligible for this refundable tax credit intended to provide tax relief to low-income Canadian workers. Eligible individuals and families may be able to apply for advance payments.

Child Disability Benefit

You might be eligible for this tax-free benefit if you care for a child under the age of 18 who is eligible for the disability tax credit.

Goods And Services Tax/Harmonized Sales Tax (GST/HST) Credit

You might be eligible for this tax-free benefit if you care for a child under the age of 18 who is eligible for the disability tax credit.

Children’s Fitness Tax Credit

Claim eligible fees paid in the year for registration or membership for your or your spouse’s or common-law partner’s child in a prescribed program of physical activity. For 2016, the maximum eligible fees in the year is reduced from $1,000 to $500, but the additional amount of $500 for children eligible for the disability tax credit has not changed. Therefore the maximum credit is reduced to $75 ($150 for a child eligible for the disability tax credit).

Children’s Arts Tax Credit

Claim eligible fees paid in the year for the cost of registration or membership of your or your spouse’s or common-law partner’s child in an eligible program of artistic, cultural, recreational or developmental activity. For 2016, the maximum eligible fees in the year is reduced from $500 to $250, but the additional amount of $500 for children eligible for the disability tax credit has not changed. Therefore the maximum credit is reduced to $37.50 ($112.50 for a child eligible for the disability tax credit).

Buying Or Selling A Home? What You Should Know

If you bought your home in 2016 or plan to buy a home, the Canada Revenue Agency (CRA) has information that may help you.

Principal Residence Exemption

Sold your principal residence in 2016? File a tax return and claim the principal residence exemption for capital gains. Starting with sales in the 2016 tax year, you are required to report basic information (date of acquisition, proceeds of disposition (e.g. sale) and address) on your income tax and benefit return when you sell your home to claim the full principal residence exemption. You do not have to pay tax on any capital gain when you sell your home if it was your principal residence for all the years you owned it and did not use any part of it to earn income. A property may qualify as your principal residence for any year that you or certain family members lived in it, if none of you designated another property as a principal residence for that year.

Home Buyers’ Amount

If you are a first-time home buyer, you may be able to claim $5,000 for the purchase of a qualifying home in 2016.

You qualify for the home buyers’ amount if you did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.

A qualifying home must be located in Canada and registered in your name and/or your spouse’s or common-law partner’s name according to the applicable land registration system. It includes existing homes, such as single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, apartments in duplexes, triplexes, fourplexes, or apartment buildings, as well as homes under construction.

You do not have to be a first-time home buyer if:

  • you are eligible for the disability tax credit; or
  • you acquired the home for the benefit of a related person who is eligible for the disability tax credit.

Home Buyers’ Plan

You may also be eligible to participate in the Home Buyers’ Plan (HBP), a program which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year, and you have up to 15 years to repay the amounts you withdraw. Your first repayment starts the second year after the year you withdrew the funds from your RRSPs for the HBP.

To qualify for the Home Buyers’ Plan:

  • you must be a first-time home buyer; and · you must have a written agreement to buy or build a qualifying home for yourself.
  • You are considered a first-time home buyer if, in the preceding four-year period, you did not live in a home that you or your current spouse or common-law partner owned.
  • You must intend to live in the qualifying home as your principal place of residence within one year after buying or building it. For more tax information for homeowners, go to cra.gc.ca/myhome.

Home Buyers’ Plan For Persons With Disabilities

You do not have to be a first-time home buyer to participate in this plan if you are eligible for the disability tax credit or if you acquired the home for the benefit of a related person who is eligible for the disability tax credit. The purchase must be made to allow the person with the disability to live in a home that is more accessible or better suited to their needs.