What’s New for 2018 Tax Returns:
The deadline for contributing to your own or your spousal RRSP is March 1st, 2019. Deduction limit for 2018 is 18% of earned income in prior years.
Children and Families
The Federal and Ontario Children’s Fitness and Arts Tax Credit has been eliminated.
Tuition fees paid to accredited post-secondary schools and reported on a Tuition Tax Credit form (T2202A) are federally. Ontario has eliminated the tuition credit.
Expenses incurred for treatments to conceive a child will be deductible even if the treatments were not required for a medical condition. Retroactive to 2008. If you were previously denied these type of expenses, speak to us about adjusting past tax returns!
Canada Pension Plan
Self-employed individuals – you are contributing to the CPP and may not notice it, it’s included as part of the tax calculations…
News specific to small-business corporations. What to file and when, how to take money out of your corporation. Learn or refresh…