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Enhancement of the Canada Workers Benefit: The Working Income Tax Benefit is a refundable tax credit that supplements the earnings of low-income workers. Last year, the Government announced that they intend to enhance the benefits provided by the Working Income Tax Benefit by an additional %500 million starting in 2019. 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...
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In Budget 2018, the Government acknowledged that some taxpayers have used trusts in complex arrangements to prevent the appropriate authorities from acquiring sufficient information to determine the taxpayer’s tax liabilities. Generally, a trust that does not earn any income or make distributions in a year is not required to file an annual return of income (T3). A trust is required to file a T3 return when the trust has tax payable or if it distributes all or part of its income or capital to its beneficiaries. In addition to this, even if the trust annually files a return, there is no...
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Here are the rest of the Personal Income Tax Measures included in Budget 2018.Registered Disability Savings Plan and Qualifying Plan Holders: There is a temporary federal measure that exists to allow a qualifying family member to be a plan holder of the individual’s RDSP if the individual’s capacity to enter into a contract is in doubt and if the individual does not have a legal representative in place. This measure expires at the end of 2018. Budget 2018 proposes to extend this temporary measure by five years, to the end of 2023.Child Benefits: In Budget 2016, the Government announced that foreign-born...
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Last week, we looked at the Business Income Tax Measures proposed in Budget 2018. This week, we’ll focus on the Personal Income Tax Measures starting with the proposals on the Working Income Tax Benefit and the Medical Expense Tax Credit. 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...
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