Tax time: What has changed in Canada for 2019


It's a tax season – and for people with their own businesses, use service or service animals; Attendance to post-secondary centers, there are new rules last year that could affect their results.

Many of the most famous tax changes for the 2018 tax year affect small business owners, such as industrial business tax reduction from 10.5 per cent to 10 per cent.

Tax changes that are not related to small businesses include one of the most important tax credits to extend costs associated with service animals.

The belief that they already belong to service animals are trained to help people with blind, deaf, autism, severe ill-health, severe epilepsy and severe long-term constraints, # 39; using their arms or legs. The 2018 tax year is the first place where the credit is available for service dogs trained to help with mental health problems.

This means that taxpayers can get credit for the expense of the animal, its food and its legal care and training. Livestock does not offer comfortably and emotional support, but do not have training to help people who are in need of help. stay with PTSD or other mental health conditions, may be appropriate to your credit.

The person must be determined by state, and the animal [must be] Special training to deal with this worrying disorder, "said Lisa Gittens, senior tax expert at H & R Block Canada, to

Other changes affect people who need to move for work-related purposes. Although the cost of transfer can continue to apply to the tax yield, there is no further tax return for home resettlement loans.

Post-secondary students in Saskatchewan and Ontario are now not eligible to receive regional tax credits for their teaching. A similar change was introduced in New Brunswick in 2017. Teaching is still entitled to federal tax credit in the three divisions.

Back on the side, the government has introduced accelerated capital cost allowances – by allowing businesses to pay deductions for capital purchase that will be made after November 21, 2018 earlier than b. they can.

Gittens says that this could make a difference even for those who rent a house through Airbnb, as he would have to do it. Related to furniture bought for that building.

Income sharing rules have also changed, with business owners, they are not allowed to pay more balances to family members as a means of reducing the tax burden. Shareholders' business relatives can still take shares at a lower tax level if they can prove that they have added to their business in the last five years.

"Generally, if you're going to pay your family to work in their business, they must have an active role in working in the industry," d & # 39; Tell Dave Walsh, partner and director of tax service line at BDO Canada, for CTVNews .ca.

Looking into the future

Changes in the Canadian tax laws for the 2019 tax year are to focus on small businesses again, but there is one special difference that seems to have a significant impact. Most people in four areas.

The federal government carries out carbon taxation on Manitoba, New Brunswick, Ontario and Saskatchewan. including reconciliation payments in tax credentials.

One person can deserve the beliefs in each area in each area. The government said that most households get more through the tax credit than they paid in high costs for gasoline, natural gas and propane.

"This tax credit is going to help its taxpayer to balance the extra costs," said Gittens.

The carbon tax is scheduled to make effect on April 1, although there is a legal challenge to stop being in front of the courts.

Made for 2019 the Income Income Tax Benefits are for people with low employee income, which is transcribed as Canadian Staff Benefits. The government says that the new benefit will be strengthened, with most customers receiving a " Up to 26 per cent of their revenue earned more than $ 3,000 instead of the current 25 per cent.

The small federal business tax rate will fall again for the 2019 tax year, and decreasing from 10 per cent to 9 per cent.

Small companies need to be included with tighter limitations on passive income – money to joining a company from investments, departments and other activities that do not directly relate to its main business.

Under the new regulations, small businesses will report more than $ 50,000 in income to lose & Loss of small business tax access for active income.

"The way in which the mathematical works are once and you get $ 150,000 of abusive income, the small business product would have gone completely," said Walsh.

Further changes that affect the 2019 tax descriptions may be announced later in the year, said Walsh – in particular as it is a current election year, and # 39; means that every party that looks at & # 39; create a tax policy government as a means of encouraging voters.

When should you filed?

The CRA commenced adoption of Monday's electronic tax donations. Anyone who wants money up to 30 April must pay until you pay your personal income tax for 2018 without being punished. People who work independently to register June 17, although balancing their interest on their accounts on April 30.

The date may be more than two months away, but experts say there is no reason to wait until April to get them back.

"Earlier you put back your tax register, it will be quicker to get a process and you'll get the repayment faster," said Walsh.

Gittens says that people who are well-skilled can get the date of reimbursement in two weeks or less, compared to the months they can do if they will note the last minute. She also sees other benefits to start early on tax descriptions, and # 39; including additional time to confirm medical costs and other applications.

"People often struggle to find those receipts," said

"If you are filed early, it will take you time to sit down, get your receipts … [and] Get everything that is designed in a timely way. "

People wishing to make RRSP donations and show them as part of the 2018 tax year to 1 March to do so.

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