Nineteen Seventeen Chartered Professional Accountants

Refer to the following link for a commentary on the 2018 federal budget:http://1917cpa.com/wp-content/uploads/2017/02/2018-Federal-budget-commentary.pdf

Notice to students:

The federal government (very quietly) eliminated the education and text books credit in the 2017 budget. What does this mean to you? If a student attended full time school for 8 months, the credit will be $3,270 smaller in 2017 compared to the same facts and circumstances in 2016.

Luckily for students, the Alberta government passed legislation to ensure that the corresponding provincial education tax credit remains unchanged from 2016.

Tag a student to let them know.

You could potentially save 70% tax on a charitable donation!

Did you know that 2017 is your LAST CHANCE to claim the First Time Donors Super Credit for Charitable Donations?

You can claim the credit if neither you or your partner have claimed the donation credit in the past 5 years.

A first-time donor will be allowed a 40% federal credit for donations of $200 or less, and a 54% federal credit for the portion of donations over $200 but not exceeding $1,000. In Alberta, when you combine that with the provincial credit, an eligible person who donates $1,000 will save $700 in tax. This is a significantly higher tax savings than an RRSP contribution of the same amount!

If you haven’t made donations in the past, this is the year to do it.

Did you know that the 2017 federal budget has greatly reduced the requirements to claim the Medical Expense Tax Credit for fertility medical services, drugs, lab tests, and more. The CRA will allow you to adjust previously filed tax returns that are up to 10 years old. We know that this is a sensitive subject, but if you know someone that has had difficulty getting pregnant, tell them about this. They may be eligible to recover some tax.

For more information, visit the following CRA link:

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2017-building-a-strong-middle-class/medical-expenses-tax-credit-metc-reproductive-technologies.html