There is only one more day up until Midnight of Monday May 1st to file for personal income tax, without receiving a punishment from the Canadian Revenue Agency. (CRA)

In a perfect world, personal taxes are supposed to be due on April 30th just like every year in the past. This year in 2017, April 30th falls on a Sunday, so therefore, personal taxes are granted an extension to May 1st, 2017.

The CRA will consider your return filed on time and your payment made on time if they receive it by midnight on May 1, 2017, or if it is postmarked May 1, 2017.

Tax season has been going on for several weeks, and began on Monday February 20th/2017. It isn't too late to begin the process, and you have until Monday at midnight to do so.

If you or your spouse or common-law partner is self-employed, you have until June 15, 2017 to file your income tax and benefit returns.

What's new for 2016:

MyBenefits CRA – This is a new mobile application that lets you securely view your benefit information. For more information, click here.

Manage online mail – View your benefit notices online instead of waiting for a paper version to come by mail. For more information click here.

Individuals and families

Canada child benefit (CCB) – As of July 2016, the CCB has replaced the Canada child tax benefit (CCTB), the national child benefit supplement (NCBS), and the universal child care benefit (UCCB). For more information, click here.

Northern residents deductions – The basic and additional residency amounts used to calculate the northern residency deduction have both increased to $11 per day. For more information, click here.

Children’s arts amount – The maximum eligible fees per child (excluding the supplement for children with disabilities) has been reduced to $250. Both will be eliminated for 2017 and later years. For more information, click here.

Home accessibility expenses – You can claim a maximum of $10,000 for eligible expenses you incurred for work done or goods acquired for an eligible dwelling. For more information, click here.

Family tax cut – The family tax cut has been eliminated for 2016 and later years.

Children’s fitness tax credit – The maximum eligible fees per child (excluding the supplement for children with disabilities) has been reduced to $500. Both will be eliminated for 2017 and later tax years. For more information, click here.

Eligible educator school supply tax credit – If you were an eligible educator, you can claim up to $1,000 for eligible teaching supplies expenses. For more information, click here.

Interest and investments

Tax-free savings account (TFSA) – The amount that you can contribute to your TFSA every year has been reduced to $5,500.

Dividend tax credit (DTC) – The rate that applies to “other than eligible dividends” has changed for 2016 and later tax years. For more information, click here.

Investment tax credit – Eligibility for the mineral exploration tax credit has been extended for flow-through share agreements entered into before April 2017. For more information, click here.

Labour-sponsored funds tax credit – The tax credit for the purchase of shares of provincially or territoriality registered labour-sponsored venture capital corporations has been restored to 15% for 2016 and later tax years. The tax credit for the purchase of shares of federally registered labour-sponsored venture capital corporations has decreased to 5% and will be eliminated for 2017 and later tax years. For more information, click here.

Other changes

Tax on taxable income – The tax rates and income levels have changed. For more information, click here.  As a result of this change the donations and gifts tax credit calculation has changed. For more information, click here.

Split income of a child under 18 – The tax rate has increased to 33%. For more information, click here.

Sale of principal residence – The sale of a principal residence must now be reported, along with any principal residence designation, on Schedule 3. For more information, click here.  Under proposed changes, the CRA will be able to accept a late designation in certain circumstances, but a penalty may apply. Go to Reporting the sale of your principal residence for individuals (other than trusts)
and select question 7.

Reassessment period - Under proposed legislation, for tax years that end after October 2, 2016, the CRA may at any time reassess your income tax return if you fail to report a sale or other disposition of real estate. For more information, click here.