The CRA Notice of Assessment (form T451) includes your taxable income (Line 150) and your allowable registered retirement savings plan (RRSP) contributions and tax-free savings account (TFSA) limit for the current year. Be sure to compare your notice of assessment to your filed T1 or T2 tax return.
Voluntary disclosure can help you make things right with CRA and get caught up with back taxes. By filing your taxes you could also be benefiting from tax credits and tax programs that put you ahead financially.
The 2016 Federal Budget introduced draft legislation that will directly affect depreciation, Capital Cost Allowance (CCA), of intangible assets, such as, goodwill tied up in a farm or small business, licenses, customer lists, franchises, farm quotas or distribution rights.
With a focus on economic growth, youth, education and responsible fiscal management, Nova Scotia finances have strengthened with surpluses predicted for each year of the government’s 4-year fiscal plan. 2016 Nova Scotia budget.