Jan. 2, 2018, Sunny Sun was invited to Y2018 first TV live talk on Fairchild TV program to talk about “RRSP/TFSA Investment” and “2017-2018 Tax update”. Host is Mr. Fred Liu & another guest speaker is Mr. Nick Lai.
The major changes for personal income tax for tax year 2017 is change of:
- Canada care giver credit now requires that every infirm dependent must apply “Infirm” certified by doctor and approved by CRA to qualify for this credit. Application form is T2201 “Disability tax credit certificate”.
- Federal removed tuition full time and part time tax credit.
- No more public transit credit allowed since July 2017.
- No more child art credit.
- Universal child care benefit is tax free after July 2017.
From Y2018, BC Province adds a highest tax bracket, an extra of 2.1% for income higher than $150,000. So, the combined highest tax rate in BC, after combining federal tax=49.8% for income higher than $202,800.
Fairchild TV will replay this tax talk again this Sunday Jan. 7, 2018 Vancouver time 7:45 am, and Toronto time 10:45 am.