CPP Premiums Going Up Soon – But There is Good News!Posted: January 09, 2019
Posted in: Strategic Thinking, Evelyn Jacks, tax filing, federal budget, tax changes, CE summits, CE Summit, Canada Child Benefit, tax workshops, budget 2018, Canada Workers benefit, Income Tax Courses, Climate Action incentive Payments, Bill C-86, Budget Implementation Act, line-by-line tax update
The most awaited tax change for the broadest base of taxpayers is the legislation allowing the government to automatically compute the Canada Workers Benefit (CWB) for tax year 2019. This benefit will replace the current Working Income Tax Benefit. But, it requires designated educational institutions to report for each student whether they are studying on a full- or part-time basis so that their eligibility for the CWB can be determined.
In addition, Bill C - 86: The Budget Implementation Act, was passed by the House of Commons on December 13, and introduces rules for who will receive the benefit if both spouses qualify for the CWB, and who will receive the benefit for an eligible dependant when both parents qualify for the benefit for that dependant.
Bill C-86 also touches upon some significant tax changes all advisors should be up to speed on. You won’t want to miss Evelyn Jacks’ address on how recent tax changes will impact tax filing this year, during her keynote speech at the CE Summits in six Canadian cities this January:
|Jan 17||Winnipeg||Manitoba Club, 194 Broadway, Winnipeg R3C 0R2|
|Jan 21||Toronto||Pearson Convention Centre, 2638 Steeles Ave East, Brampton|
|Jan 22||Ottawa||Rideau Club, 99 Bank St, Ottawa|
|Jan 23||Calgary||Clarion Conference Centre, 2120 16 Ave NE, Calgary|
|Jan 24||Edmonton||Holiday Inn Edmonton South, 4485 Gateway Blvd, Edmonton|
|Jan 25||Vancouver||Sandman City Centre, 180 West Georgia St, Vancouver|
Check out the agenda and be sure to avoid tuition fee increases by registering by January 10.
Bill C-86 includes provisions focused on:
- The Canada Workers Benefit - recipients will be able to receive the benefit without having to claim it
- Social assistance payments - certain programs will not preclude individuals from receiving the Canada Child Benefit
- Deduction for CPP payments - employee contributions to the enhanced portion of the Quebec Pension Plan will qualify for a deduction
- Climate Action Incentive payments – these will return direct proceeds from carbon pollution pricing to individuals and families in Ontario, Manitoba, Saskatchewan, and New Brunswick. More information is available here
- Removal of the limits on political activities for charities, so that they may pursue their charitable purposes by engaging in non-partisan political activities and in the development of public policy
- Extending the assessment period for group registered education savings plan trusts that make a special relieving election in respect of their past HST liability
- Introducing GST/HST rules in respect of investment limited partnerships
How can you ensure that your clients remain tax-efficient and audit-proof as these new changes are implemented? Get a comprehensive update of everything you need to know about individual income tax filing, when Evelyn Jacks and expert guest speakers will address what’s new, what’s changed, and the competitiveness challenges Canada faces as we enter a new income tax season. Register for these important tax workshops taking place in six Canadian cities January 17-25.
Additional educational resources: Ready to get a jump on enhancing your tax education before the new year? Enrol in the Distinguished Financial Advisor – Tax Services Specialist program. A free trial is available.
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