Softron’s Brampton Tax Service offers the fastest and biggest refunds !

We are halfway into our tax season. Softron Tax has been proudly serving it’s Brampton customers for past 30 years. Like all other years, Softron has not only met but exceeded expectations of it’s Brampton clients in getting them the biggest refund this year as well. Thousands of tax payers have already visited our Brampton Tax office and collected their refund cheques in less than an hour.

So file your taxes today at a Brampton Softron Tax location and to make it simple for you, here’s a checklist of what to bring to your Softron Tax professional when you come to file your taxes in Brampton:

  • T4 slips for all employers you worked for in 2015.
  • T3 and T5 investment slips that you received from your financial institutions.
  • Other T slips if any like slips issued for unemployment or social assistance.
  • RRSP contribution receipts
  • Donation slips
  • Receipts for money donated to political parties
  • Receipts of money paid for fitness activities of children.
  • Receipts of money paid for arts’ activities of children.
  • Transit expenses
  • Tuition Receipts
  • Rent Receipts

You can also discuss with your tax professional if you bought a new house or if someone is suffering from a disability in your family.

We also have exceptional debt counseling experts at the Bramlea Tax Office who can help you with all the debt problems.

So call today at 905-796-5555 or visit www.softrontax.com/location to find your nearest Brampton office.

You can visit Softron at following Brampton locations:

  • Shoppers World Brampton –499 Main Street South, Brampton, ON
  • Bramlea City Centre-  25 Peel Centre Dr. #359 , Brampton, ON
  • Queen street- Brampton- 253 Queen st East, Brampton, ON L6W 2B8

Seniors and Children take all the goodies in Trudeau’s Federal Budget

The 2016 Federal budget is out and major changes have been announced to benefits and tax credits of Canadian taxpayers. Children and senior citizens that get the biggest slice of the cake in the first federal budget of liberal government.

Let’s have a that who gets what in this budget:

Seniors- The big winners:

  • The eligibility age for Old Age Security will be fixed at 65 and will not move up to 67 as proposed by the earlier government.
  • Single seniors may be eligible for another GIS supplement of up $947 per year to cover the living costs. This will about a million senior citizens in Canada
  • Additional GIS supplement will now be available to those senior couples as well who are living apart. This will only be allowed in cases where the couple is apart because of medical reasons such as a case where one partner requires long term care.

Families- You won some, you lost some

  • Canada Child Benefit – The maximum Canada child benefit will be $6400 annually for a child under 6 years of age and $5400 for children between 6 and 17 years of age.  Families with annual income lower than $140,000 will benefit with this new plan.
  • Fitness and Arts Credit- The two credits will be phased out over two years starting this year. The credits will be halved this year and will be eliminated in 2016.

Students- Easy on Debt and Hard on Tax Credits

  • The students who graduate will not have to start repayment of their loans until they start making at least $25,000.
  • The education and text book credit will be eliminated starting 2017. These credits amounted up to $5,580 in tax credits for students who were going to school full time up to 8 months a year.
  • The Canada Student Grant has been increased by 50% for all levels of income.

Teachers- Yes you have a tax credit too !

  • The teachers will be finally able to expense up to $1000 for money they spend on school supplies from their own pockets.

Taxes for Parents: Save on taxes today and gift your child a better tomorrow !

March break is here and a lot of parents will be filing their taxes for the year 2015. The living costs for families are increasing across Canada and it is becoming increasingly difficult to save and invest for the future of children.

The 2015 taxes provide unique opportunities for parents where they can claim tax credits for a lot of money spent on children and save big on taxes. These savings can translate into a better future for your children.

The following expenses must be claimed by each parent while filing their taxes:

Child care Costs: Day care costs can be big for working parents but you can claim up to $8,000 for children under 6 years of age and $5,000 for children between 6 and 16 years of age. In case of a disabled child, the day care costs can be claimed up to $11,000. You can not only claim the money you spent at a day care but also the money you spent for summer camps for your children.

Fitness Expenses– An active child is a blessing and he can also save you a lot on your taxes. You can claim up to $1000 per child on money spent for fitness activities like soccer, swimming and dance classes

Arts Activity Costs– Save big on taxes if you have an artist in the house. Parents can claim up to $500 for each child for money spent of arts’ activities like music and piano lessons.

Tuition Designations– It is a common myth that once your child is in college and 18 years of age, there is no benefit a parent can claim. If your child is paying the tuition fee for a university or a college, he/she can designate their tuition amount of up to $5000 to their parents which can translate into more than $1000 in tax savings.

Medical Expenses- Did you get those expensive braces for your child this year? No problem. Parents can claim a tax credit for the medical expenses they pay for their children and get huge returns when filing taxes.

All you need to do is visit a tax expert like professionals at Softron Tax who can really guide you and ensure that you save every penny you deserve on taxes. A saving in taxes today will help you immensely in building the future of your children.

Let’s save on taxes by doing it right !