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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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For those of you who have ever wondered why I (and most accountants) keep their hair so short it is really a matter of hair preservation.  If my hair was longer, I would have pulled it all out from sheer frustration.  Frustration with what you ask?  Really?  You have to ask?  Frustration from dealing with the CRA of course!  I have tried alcohol, which helps a little, but at the end of the day I have found a punching bag and a 4 mile run to be way more effective. “Yeah it’s time again!!”.  So I submitted an authorization form for...
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We have exactly 2 more weeks until the April 30th deadline to file tax. If you have not filed yours yet, here are a few helpful tips / reminders to make your tax filing a breeze. If you do not have a copy of our FREE Personal Income Tax Checklist yet, you can download it as well as other useful tax checklists and forms from our website: Tax Forms Downloads Our Personal Income Tax Checklist will help you gather and organize your tax documents. Make sure that you have your complete tax documents before you bring it to your accountant. If...
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