CPA BC / CRA Meeting. Some things discussed:

Last week had a meeting with tax practitioners and CRA representatives. Some things discussed:
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* “MyCRA” mobile app to view your return status, notice of assessment, benefit and credit information, and RRSP and TFSA contribution roomโ€”all on your mobile device.
* Online Charities Listings – http://www.cra-arc.gc.ca/chrts-gvng/lstngs/menu-eng.html can be used to:
confirm if a Canadian charity is registered and therefore eligible to issue official donation receipts.
* My Payment now offers Visa Debit option
* CRA has created a new online mail service that allows individuals to receive some correspondence from the CRA online through My Account.
* CRA has increased number of representatives to assists tax payers during the tax season. Individual income tax enquires: 1800-959-8281.

Tax changes 2015

 

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Tax rate changes for individuals and tax-free savings account.

http://www.cra-arc.gc.ca/gncy/bdgt/2015/tc12-eng.html

For the 2016 and subsequent tax years, the federal personal income tax rate on taxable income of $45,282 to $90,563 (the second income tax bracket) will be reduced by 1.5% from 22% to 20.5%.

For 2016, the Government proposes a TFSA annual contribution limit of $5,500.

Tax Services North Vancouver