Personal
RRSP Contribution Limit
An RRSP is a registered retirement savings plan with the government to which you or your spouse can contribute. The income earned from the funds contributed to your plan accumulates tax-free in your RRSP. You are able to contribute an amount to your RRSP account (up to your contribution limit)… Read More about “RRSP Contribution Limit”
2020 Automobile Deduction Limits and Rates
On December 19, 2019, the Department of Finance Canada announced the new automobile deduction limits and benefit rates for 2020. The majority of limits and rates that applied in 2019 are still in effect for 2020. One important change to note relates to the calculation of a reasonable vehicle allowance… Read More about “2020 Automobile Deduction Limits and Rates”
Life events that are important to share with your Accountant and CRA
A lot can happen in a year. Some changes in your life may have tax benefits or tax consequences. Below is a list of common life events that you should communicate to your Accountant and CRA: Marital Status Change Your marital status, and at what point during the year it… Read More about “Life events that are important to share with your Accountant and CRA”
CRA’s request for additional information from you
Your personal income tax return has been filed and you have received your notice of assessment that does not indicate any issues with the information filed. Then, you received a letter from CRA requesting additional information. Receiving this letter is an indication that your return has been selected for review…. Read More about “CRA’s request for additional information from you”
Things to consider after your Personal Tax Return is Filed
By now, you are probably relieved that your personal tax returns have been completed. However, there are a few things you should consider even after the return has been filed. Review your Notice of Assessment You should ensure that the return was in fact assessed as filed. CRA sometimes reassesses… Read More about “Things to consider after your Personal Tax Return is Filed”
2019 Federal Budget
On March 19, 2019, the federal government released their 2019 budget which proposed to help younger home-buyers get into the housing market, increased support for skills training as well as for research and development, and introduced steps toward a national pharmacare strategy. The federal government also proposed clean energy vehicle incentives… Read More about “2019 Federal Budget”
Staying organized can help you avoid interest and penalties
By now, you have most likely received various envelopes in the mail over the last few weeks with tax slips required to file your personal tax return. These tax slips are very important, not only because they are required to file your tax return, but they summarize the income you… Read More about “Staying organized can help you avoid interest and penalties”
Tax-Free Savings Account (TFSA)
What is a TFSA? A TFSA is savings account that individuals of age 18 or older can contribute to over their lifetime. Any contributions are not deductible for income tax purposes but the interest and dividends earned on those contributions are tax-free even when an amount is withdrawn. Setting up… Read More about “Tax-Free Savings Account (TFSA)”
The Canada Pension Plan Enhancement
Background As of January 1st 2019, Canadian workers will contribute more to the Canada Pension Plan (CPP). This new change affects all workers in Canada except Quebec and plans to increase the maximum retirement pension by about 50% by 2024. Who contributes to CPP? Any workers in Canada except Quebec… Read More about “The Canada Pension Plan Enhancement”
When are my personal income tax installments due – 2018.
Your personal income tax installments are due on the following dates: March 15 June 15 September 15 December 15
