Federal budget bill quietly proposes tool to ease penalties for corporate crime https://t.co/H2Zpse7WDJ
Budget 2018: Personal Income Tax Measures, Part 1in Canadian Government News and Updates
Enhancement of the Canada Workers Benefit: The Working Income Tax Benefit is a refundable tax credit that supplements the earnings of low-income workers. Budget 2018 proposes to rename the program to the Canada Workers Benefit. Also, Budget 2018 proposes that for 2019, the amount of the benefit be equal to 26% of each dollar of earned income in excess of $3,000 to a maximum benefit of $1,355 for single individuals without dependents and $2,335 for families (couples and single parents). This measure will apply to 2019 and subsequent tax years.
Medical Expense Tax Credit: The Medical Expense Tax Credit or METC is a 15% non-refundable tax credit that recognizes the effect of above-average medical and disability-related expenses on an individual’s ability to pay tax. Budget 2018 proposes to expand the METC to recognize such expenses where they are incurred in respect of an animal specially trained to perform tasks for a patient with a severe mental impairment in order to assist them in coping with their impairment (e.g. a psychiatric service dog trained to assist with post-traumatic stress disorder). This measure will apply in respect of eligible expenses incurred after 2017.
There are a few more personal income tax measures that we will look into on our next blog so please check back soon!