Other Tax Changes in 2019

by in Canadian Government News and Updates
Other Tax Changes in 2019
Here are the other tax changes that have taken effect this year:

• Canada Pension Plan contribution rates will rise over seven years starting January 2019. Please read our blog series about this change here: CPP Enhancement Starting 2019 Part 1, CPP Enhancement Starting 2019 Part 2
• The Federal government will levy a tax on fossil fuels of $20 per tonne of greenhouse gas emissions starting in 2019 and rising by $10 each year to $50 a tonne by 2022 in provinces that don’t have carbon pricing mechanisms of their own. In provinces where this will be imposed, the cost of a litre of gas will go up to 4.42 cents, natural gas up to 3.91 cents per cubic metre and propane up 3.10 cents per litre. People in these provinces will get rebates to offset the increased costs through the Climate Incentive payments.
• The basic personal amount has increased to $12,069 this year.
• The annual contribution limit to the TFSA increased to $6,000.

Source: https://www.fin.gc.ca/fin-eng.asp, https://www.cbc.ca/news/politics/tax-changes-cra-canada-1.4944505
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