Before you even consider gathering your papers so that you can file your 2014 personal income tax return, sit down and ponder how you can pay less in 2015 on your taxes. It is too late to do anything to cut back on 2014 taxes, but the CRA have made some changes for 2015 that you should consider.

Prior to doing anything, if you are one of those fortunate few who have some excess cash at the moment, add that cash to your Tax Free Saving Account (TFSA). The present contribution – for 2015 – is limited to $5,500.00. If you make your contribution now, and not at the end of the year, you will earn interest tax-free during the year. Much better than keeping this excess cash in a GIC and paying tax on the interest. SO DON’T WAIT>>>>DO IT NOW!

For 2015 the CRA (Canadian Revenue Agency) – they are the people that collect our taxes – has doubled the ‘children’s fitness tax credit’ from $500 to $1,000. Effective as at January 1, 2015. Not only was the 15% tax rate previously just a credit but now it is now refundable.

There are other benefits that you should be aware of. While each of the changes for 2015 may not save you a huge bundle, if you pay attention to all the changes that effect you the savings will add up! If you would like to discuss your particular situation and how the new programs may benefit your family drop by our office or give me a call at 416.488.1801. Remember there is never a charge just to have us answer a question.