Trending 2017 tax queries answered by tax professionals
CALGARY, March 26, 2018 /CNW/ - 'Hurricane Irma', 'iPhone 8', and 'Meghan Markle' were a few of the most frequently typed Google searches last year. Every year, Google Trends releases the most popular Googled search terms from the previous year. Not surprisingly, Google Trends reveals that Canadians' tax searches increase every year between February and May as tax season gets underway. At the end of February, tax searches peak as Canadians receive their T4 slips and the Canadian Revenue Agency (CRA) opens for filing. The end of April brings another peak in tax searches as procrastinators rush to get their income tax returns completed before the April 30th deadline.
H&R Block tax professionals have answered some of the most popular tax related search queries of 2017:
#1 Search: Income tax deadline in Canada
Every year the deadline to file your personal income tax return in Canada is April 30th. If April 30th happens to fall on a weekend, you have until the following Monday to file your return. This year, the deadline remains as April 30th. If you are self-employed or your spouse is self-employed, your deadline to file is June 15th.
#2 Search: Income tax calculator
'Income tax calculator' is a popular search term during tax season but unfortunately, there's no quick answer that our tax professionals can give, as this all depends on your personal tax situation. You can use H&R Block's free, handy tax calculator to estimate your tax refund or how much you'll owe.
#3 Search: Canadian tax brackets
Income tax brackets are a progressive system that Canada uses to ensure someone making an annual salary of $45,000 doesn't pay the same amount of taxes as someone earning $200,000 a year. The Federal Personal Income Tax Brackets and Tax Rates for 2018 are outlined below:
- 15% tax rate on the first $46,605 of taxable income
- 20.5% tax rate on the next $46,603 of taxable income (taxable income over $46,605 up to $93,208)
- 26% tax rate on the next $51,281 of taxable income (taxable income over $93,208 up to $144,489)
- 29% tax rate on the next $61,353 of taxable income (taxable income over $144,489 up to $205,842)
- 33% tax rate on taxable income over $205,842
#4 Search: Canada family credits
The Canada Child Benefit (CCB) was created in 2016 to help cover the costs of raising a child. It's a non-taxable monthly payment from the federal government. Because it is based on your income, Canadians are required to file a tax return to receive it. For 2018, the CCB will increase 1.5 per cent for July 2018 – 2019 benefits. This means more than $80 annually per child for those who qualify for CCB, and $41 more annually for those who qualify for the Child Disability Benefit.
In previous years, parents and guardians were eligible to receive credits for such activities as art classes, piano lessons, hockey and soccer. Unfortunately, the Children's Fitness and Arts Tax Credit and the additional amount for children eligible for the disability tax credit will no longer be available for the upcoming tax season.
About H&R Block Canada
For over 50 years, H&R Block Canada is Canada's tax leader, with over 1,100 locations across Canada, and free do-it-yourself Tax Software. H&R Block's comprehensive education program, Tax Academy, trains experts and continually updates their skills. Learn more at www.hrblock.ca or 1-800-HRBLOCK.
SOURCE H&R Block Canada Inc.
Amanda Federchuk, Ketchum Public Relations, 416-355-7410, [email protected]
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