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Tax Changes for Your 2016 Return

Hello Everyone, April is approaching fast and there are several tax changes that will take effect this year and potentially alter your return. We here at JAIKS believe that just about everyone should be informed of shifts within the taxation landscape, and so have taken the time to talk about a few of the more broadly reaching changes. 

Among the more controversial changes is the elimination of the Family Tax Cut which allowed individuals to transfer up to $50,000 of income to a spouse lower income if they have a child under the age of 18, to a maximum benefit of $2000. While a bit of a blow to middle class families who had come to expect the benefit in the past, there are still a number of ways depending on circumstances, to split income.

Another set of important changes comes in the form of new rules for several child benefit tax breaks, fitness and arts credits for children under sixteen are being cut in half, $1000 to $500 and $500 to $250 respectively. Still, these changes may be more than made up for (depending on income status) with the Enhanced Universal Childcare Benefit with which parents of children under 18 can get up to $6400 per year for each child under the age of six, or a maximum of $5400 per year for each child aged six to seventeen.  

Finally, there have been adjustments to the federal tax brackets. If you make between $45,282 and $90,563 per year your tax rate will drop from 22% to 20.5% from the previous year.  Meanwhile another bracket has been created for those who earn more than $200,000 per year the rate has been adjusted to pay 33% on every dollar earned above that figure, an increase from 29% last year. 


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