Various deductions and credits can help to reduce the amount of taxes payable to the Canada Revenue Agency (CRA) each year. Please take a few moments to review the following items, to ensure you do not miss out on any eligible expenses for you and your household. Please feel free to contact your Kemp Harvey Group office if you have any questions or concerns about whether you would qualify for any of these deductions and credits.
We noted in our newsletter last summer that fraudulent phone calls from imposters posing as individuals from the Canada Revenue Agency (CRA) were on the rise. Since then, the level of harassment has increased dramatically. In June of this year, the RCMP in Penticton reported that 51 people contacted their office in one day to inform them that they had received a phone call from people posing as employees of the Canada Revenue Agency.
Unfortunately, this means that these individuals must be having some level of success, as this has become one of the most common phone scams in Canada today. Many of our clients have reported receiving these calls. Often times the taxpayer will receive a recorded message. The message will warn the individual that they have a debt with the CRA that must be paid immediately.
The message will go on to say that if the taxpayer does not return the call, the police will be coming to arrest them for not making this payment.
It is important to note that the CRA will NEVER leave personal information on an answering machine message. In other cases, it can be an actual caller. These people can be aggressive and belligerent. They will usually want to receive payment in the form of Western Union transfers, gift cards, or prepaid credit cards. In most instances, there is very little that can be done about these phone calls. The CRA will advise taxpayers to call the Canadian Anti-Fraud centre. People can also call the RCMP, although there is little the RCMP can do to stop the calls or recover lost money.
A new credit was introduced for teachers this year to encourage involvement in volunteer activities at qualifying schools.
The B.C. Education Coaching Tax Credit is a non-refundable tax credit for teachers and teaching assistants who volunteer for at least 10 hours of extracurricular coaching activity in the tax year. The provincial credit amount is $500, providing a tax benefit up to $25.30.
The credit is available for the 2015, 2016 and 2017 tax years. The taxpayer must be a resident of B.C on December 31 to quality for the credit. The extracurricular activities must be performed after school or on weekends, and can include sports, arts and many more activities.
In order for the school qualify, it must provide instruction for the children from kindergarten though grade 12. This would include public schools, francophone schools, independent schools and First Nation schools.
Activities undertaken at preschools would not be eligible to quality for this credit.
You can get our 2016 Winter Newsletter either online if you have signed up for our mailing list, from your local office or here. Please feel free to let us know if you have any questions or talk with your local office.