Wednesday, 14 December 2016

2017 Tax Changes

The Federal Basic Tax Amount has been increased from $11,474 to $11,635. The Provincial Basic Tax Amount has been increased from $18,451 to $18,690. Additionally, education and text book credits have been eliminated from the Federal TD1.

Students will no longer be able to claim the education and text book credits however, they will still be able to claim tuition fees.  If you have non‐basic tax exemptions or need to make any tax changes please submit an updated 2017 TD1 Personal Tax Credits Form and if necessary, a 2017 TD1 Provincial Tax Credits form. Both the TD1 and TD1AB forms are now available on the Personal Tax Credit Return webpage on the HRS website and from the Canada Revenue Agency website.