24
Philippine Showbiz Today
Deadline: April 30, 2018
Remember to file your income tax return
VANCOUVER, B.C.-- With just
over a month left to com plete and
file your 2017 income tax return, don’t
forget, the deadline for personal tax re-
turns and payments of any taxes owing
for the 2017 tax year is Monday, April
30, 2018.
Still trying to make sense of the
changes for the 2017 tax year? Consult
a chartered professional accountant to-
day if you are unsure how these changes
affect you. To get you started with your
2017 tax return, the Chartered Profes-
sional Accountants of British Columbia
(CPABC) have answered commonly
asked tax-related questions:
1. How much tax do I have to
pay?
The amount of tax you have to
pay is based on your annual income.
Be sure to check out both the federal
and provincial tax brackets before filing
your income tax return. To reduce your
taxes, check to see if you are eligible for
any tax credits or tax deduction mea-
sures.
2. I’m self-employed, is my
deadline for filing my income tax
return different?
If you are self-employed, the
filing deadline for your personal tax re-
turn is extended to June 15, 2018, for
you and your spouse or common-law
partner. For corporations, your corpora-
tion income tax return must be filed no
later than six months after the end of
each tax year (or end of your corpora-
tion’s fiscal year).
3. I was unable to use all of
my tax credits last year. Can I ap-
ply them in my tax return this year?
If you were unable to use cer-
tain deductions or tax credits from a pre-
vious tax year, you may be able to use
them for the 2017 tax year. Some com-
mon “carry-forward” items include:
Charitable donations: unused char-
itable donations may be carried forward
five years;
Interest on student loans: unused
student loan interest expenses may be
carried forward five years; and
Home office expenses: excess unde-
ducted home office expenses of an em-
ployee or a self-employed individual may
be carried forward indefinitely and applied
against income from the same office or
employment or from the same business.
4. Can I transfer income
tax
credits
to
my
spouse?
You can transfer some income
tax credits to your spouse or common-
law partner. Transferable credits include
the age credit, disability credit, pension
income credit, and your o