What to know for 2019 Tax Season

Welcome to the 2019 Tax Season! 

Below I have listed some key facts, figures, and resources to help with filing for your 2018 tax return.

Key Dates:

Feb 18: NETFILE opens (first day you can file online)

Feb 28: You should have received most of your slips (except T3s)

Mar 1: RRSP contribution deadline 

Mar 31: You should have all your slips (including T3s)

April 30: Filing deadline for most people, June 15^th for Small Business Owners (taxes payable still due April 30)

What’s New For 2018?

New payment options: You can now pay your tax balance owing with Interac® Online, Visa® Debit, or Debit MasterCard®. (*fees do apply starting at 2.29%)

Provincial Tuition Tax Credits: Have been eliminated in Saskatchewan, Ontario and New Brunswick. The Federal Tuition credit is still available to eligible students.

Service Animals: Can now be claimed as an eligible medical expense

Climate Action Incentive: Tax credit designed to offset the coming increase to in prices to gasoline, natural gas and propane in provinces Saskatchewan, Manitoba, Ontario and New Brunswick

Accelerated CCA: Small businesses can now claim more depreciation in the first year of owning a new asset.

Common Missed Deductions/Mistakes

• The Investment Management Fees you are charged on non-registered accounts is deductible as a carrying charge on your return. For 2018 this amount will be calculated on the worksheet instead of Schedule 4.

• If you are part of a Group RRSP matching program make sure your Jan-Feb slips are provided on your 2018 tax return. The most common cause of RRSP over-contributions are from those who have forgotten these matching contributions are recorded for the previous year's return.

• Have your adjusted cost base (book value) available for any Capital Gains you have to claim on securities transactions in your non-registered accounts. Often times financial institutions are not including book values on the T5008 slips they provide you.

Key Numbers:

TFSA Room for 2019: $6,000.

If you have been eligible to contribute to a TFSA since 2009 you  total available, cumulative room is $63,500

RRSP: 

2018: 18% of your earned income to a dollar limit of $26,230

Resources:

[Download] Retirement in View 2019 Tax Resource Kit

• Slip checklist
• 2018 Tax year key facts cheatsheet
• Capital Gains Schedule 
• Small Business Schedule
• Rental Property Schedule

CRA My Account: Find your slips, carryforward information, contribution room and payment summary

New for 2019: Retirement in View Tax Workshops and Clinics: 

Tax Workshops for New Retirees: 

If you retired in 2018 or are retiring soon, we offer a 60 minute 1:1 workshop to help you with everything from income splitting, to maximizing your deductions and ensuring tax efficiency in retirement. Schedule your workshop today 613-416-9593!

Free Income Tax Clinic for Low Income Seniors:
Join us Wednesday, April 3rd 12:00pm - 6:00pm and Thursday, April 4th 10:00am-3:00pm
Free for seniors with income below $25,000 (single individual) and $30,000 (total for a couple). Simple returns only (no rental properties or small business schedules).

***You will need an appointment in order to access the clinics and workshops.  You will be given a time to come in to drop off your slips.*** Schedule today via 613-416-9593  or info@retirementinview.ca