Tax Tip:  2015 3rd Quarter

  • E-filed personal tax returns take 1.6 weeks on average as compared to 5 weeks for those that are paper-filed.
  • Starting in 2016, federal tax relief of 15% is available on up to $10,000 of eligible renovations to a qualified dwelling each year to enhance mobility or reduce risk of harm for qualifying individuals (seniors 65 years and up, or persons eligible for the Disability Tax Credit).
  • CRA cannot give refunds to a corporation which has not filed its tax return within 3 years of the end of its tax year. However, the denied refund may be eligible for re-appropriation against future tax debts.