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All items tagged with: tax credits

Budget Season 2019: A Provincial Round-Up

Posted: March 12, 2019 By: Evelyn Jacks
Posted in: Strategic Thinking , tax credits, Evelyn Jacks, basic personal amount, refundable tax credits, Manitoba budget, provincial budget, provincial budget 2019, Manitoba Budget 2019, primary caregiver tax credit, pension income amount, veterans well-being act, small business income limit, small business venture capital tax credit, Manitoba book publishing tax credit, cultural industries printing tax credit, film and video production tax credit, manufacturing investment tax credit, expanded fuel tax exemption for forestry, Manitoba Income Tax rates, provincial income tax rates

It’s 2019 Budget Season and there is lots of news. In Manitoba it was particularly good news on budget day on March 7, following B.C. on February 19. Meanwhile our two northern territories, the Northwest Territories and Yukon announced theirs on February 6 and March 7 respectively. What are the details?  Read on! Then, don’t miss the Knowledge Bureau Special Federal March 19 Budget Report next week.

Tax Season: A Key Influencer in Reducing Poverty

Posted: March 04, 2019 By : Beth Graddon
Posted in: Strategic Thinking , OAS, tax credits, Canada Pension Plan, old age security, tax deductions, CPP, Real Wealth Manager, GIS, Canada Child Benefit, Federal Benefits

Great news! New data from Statistics Canada’s Canadian Income Survey, released on February 26, shows that poverty levels are on the decline thanks (at least, in part) to federal benefit programs like the Canada Child Benefit (CCB) and the Guaranteed Income Supplement (GIS). Unfortunately, there is a fly in the ointment, but tax and financial professionals can help.

Knowledge Bureau Poll: High Tax Refunds Spur Controversy

Posted: March 04, 2019
Posted in: Strategic Thinking , tax credits, poll results, income tax, tax refund, tax deductions, tax return

Is the tax refund a good thing? It’s a question that spurred a great debate in February’s Knowledge Bureau poll when we asked tax and financial professionals whether or not the withholding taxes that lead to a tax refund should be reduced to help taxpayers save or pay down debt. Did the no side or the yes side win? You’ll be surprised by the results.

Did You Know? Credits for Transit Costs Still Claimable

Posted: February 25, 2019 By: Evelyn Jacks
Posted in: Strategic Thinking , tax tips, refundable tax credits, transit credits, Ontario tax credits, transit costs

The Public Transit Tax Credit has been eliminated by the federal government. But did you know that in Ontario, seniors who have reached age 65 by December 31, 2017, can claim a full-year credit on the 2018 tax return? Even better news: it’s refundable!

Big News: Simplified Method Prescribed Rates for 2018 Finally Released

Posted: February 12, 2019 By: Walter Harder
Posted in: Strategic Thinking , tax credits, Medical expenses, Moving Expenses, claiming expenses, tax deductions, income tax filing, personal income tax, travel expenses, meal expenses, deducting expenses

On February 12, the simplified method rates for calculating deductible auto and meal expenses for various important provisions on the 2018 tax return were finally released by the CRA. It’s an important missing piece for tax professionals and taxpayers alike, that in prior years was generally released in January.

Driving for Uber: Tax Requirements in the Gig Economy

Posted: January 22, 2019
Posted in: Strategic Thinking , CRA, tax credits, Canada Revenue Agency, motor vehicle expenses, Canadian income tax calculator, gig economy, Uber, tax for Uber

Beware the taxman, Uber drivers. The rise of the gig economy comes with its own unique challenges from a tax perspective, and an appeals case from Uber Canada Inc., currently with the Tax Court of Canada sheds light on the grey areas that exist.