Time to get your tax return done

Thirteen years ago Kyle Blanleil was given five years to live. Yet, here he is alive and well and 32 years old. “To get rid of that cancerous tumour on my spine took three years, 46 hours of surgeries, radiation, eight days in a coma, halo braces and rehabilitation,” said Blanleil. “It was a refuse to lose situation.” When Blanleil received word he was all clear of cancer in 2007, he celebrated with a party with 300 of his closest relatives and friends.

The bash was also a fundraiser for the Okanagan Cops for Kids, which raised $30,000.

That amount is still the largest single donation to the charity.

“I like to think before I had cancer I lived every day to the fullest,” said Blanleil.

“But, the reality is since it happened I really do enjoy every day more. I work hard, but I also play hard and find time to relax and appreciate.”

When he was diagnosed with cancer at age 19, Blanleil was playing junior hockey in Campbell River.

Over the next two weeks lots of people are preparing their personal income tax returns.

The deadline for filing your 2017 tax return is April 30.

If you, or your spouse, have income from self-employment you have until June 15 to file your returns.

Want to find ways to save taxes while filing your annual tax return? Well then, keep reading. To obtain a refund If you had tax withheld from wages or other earnings, the only way to obtain a refund is to file a tax return.

Generally, you must file a return within three calendar years to obtain a refund.

Fairness legislation can help out in those situations with unusual or extenuating circumstances.

To claim federal and provincial credits and supplements

Federal credits such as the Canada child benefit or GST can only be received if you file an income tax return each year.

You may also be eligible for provincial credits such as the sales tax credit.

Treatment quickly ended his competitive hockey career. But other doors opened. When his health came back, he joined the family business, Andre’s Electronics

The good news is when you receive these credits, the funds are not included in your income and are not taxable.

Pensioners eligible for the GIS (guaranteed income supplement) must also file a return each year.

To carry forward tuition and education amounts

If you are a student and cannot use all your tuition in the year, by filing a return you confirm the unused amounts and carry forward the eligible credits.

Tuition and education credits of up to $5,000 may also be transferred to a spouse, supporting parent or grandparent.

You may be eligible to claim tuition credits if you attended school on either a part or full time basis.

The education and textbook credits were eliminated for years after 2016.

To claim a new refundable school supplies tax credit

If you are a qualifying teacher, for 2016 and subsequent years, you may claim a new refundable school supplies tax credit of up to $150 per year with respect to eligible school supplies expenses.

In order to receive the full credit, a maximum of $1,000 of Experts, and he was able to play recreational hockey, fastball and golf.

Andre’s is the business started by Blanleil’s grandfather, Andre Sr., as a small TV repair shop. supplies expense is required.

This is generally available to teachers or early childhood educators licensed to work in the province you are employed.

To record your earned income for RRSP contributions

Your RRSP contribution limit is based on earned income from employment, self-employment or rental income.

Eighteen per cent of earned income determines the amount of RRSP contributions you are eligible to make to a maximum of $26,010 for 2017.

If you have disposed of any capital property in the year

Regardless of whether you incurred a gain or loss on the property, you must file a return for the year in which the property was sold.

Capital property includes real estate, vacation properties, stocks, mutual funds, bonds and precious metals such as gold.

For 2016 onwards, if you sold your principle residence in the year you must report the sale details on your current tax return, even though the gain (or loss) is not taxable.

To record your contributions to the Canada Pension Plan

If you had wage income or self-employment earnings of $3,500 or more in the year you must make CPP contributions.

These contributions are credited to the Canada Pension Plan.

They determine the monthly payments you may be eligible to receive upon retirement or if you become disabled.

To determine if any Old Age Security must be repaid

You may be required to repay some Old Age Security if your net income level was over $74,788.

Knowing your overall income in advance gives you an opportunity to plan ahead and helps you avoid repaying OAS benefits.

If you must repay all or part of EI benefits received

If you received employment insurance benefits in 2015 and your income for that year exceeded $64,125 then you may have to repay some or all of the EI benefits received.

RRSP deductions may reduce your taxable income so that you avoid having to repay EI benefits.

When you have been sent a request by CRA

If you have been requested to file a return you must do so, regardless of your income level or whether you have any taxes payable.

The 2017 federal budget also eliminated a number of other personal tax credits.

Effective Jan. 1, the home relocation loans deduction is gone.

Effective July 1, 2017 the public bus transit tax credit has been repealed.

Make sure your 2017 income tax return is filed on time and taxes are paid by the deadline.

Marion Wahl is a professional chartered accountant in Kelowna. Reach her at info@wahlcga.com.