What’s New for 2018 Tax Returns:

RRSPs

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.

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Children and Families

The Federal and Ontario Children’s Fitness and Arts Tax Credit has been eliminated.

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Students

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.

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Medical Expenses

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!

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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…

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Corporations

News specific to small-business corporations. What to file and when, how to take money out of your corporation. Learn or refresh…

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Tax Free Savings

The TFSA contribution limit for 2018 is $5500.

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Tax Scams

There are a number of scams making the rounds in recent months and we have had more inquiries than ever…

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Federal Tax

Tax rates…

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