Tax Season is here folks! The 2019 tax year has brought some changes with it and we at TaxTron are here to let you know about what you have in store for this tax filing season.
Climate Action Incentive
The climate action incentive is the tax credit provided to residents of Ontario, Manitoba, Saskatchewan, and New Brunswick in order to account for the fuel charge which will be charged to residents in 2019. TaxTron allows you to enter your CAI credit information through the Schedule 14 worksheet.
Tax-Free Savings Accounts
You can now contribute $500 more to your TFSA this year! Allowable contributions will now increase to $6000 for the 2019 tax year.
Increased Canada Child Benefit
Great news for families! The Canada Child Benefit will increase by 1.5% for July 2018 to 2019. Families that qualify for the Canada Child Benefit and the Child Disability Benefit can expect increased benefits for 2019!
Home Buyer’s Tax Credit
If you or your partner purchased a home in 2018 and did not live in another home owned by one or the other in the four years prior to your purchase, you can qualify for the $5000 first-time home buyer’s credit. A great incentive for new homeowners entering the market!
Credits that are Eliminated
Tax credits that will no longer available for the 2019 season will be the public transit tax deduction, the children’s fitness and arts tax credit, federal education textbook and tax credits, and the home relocation loan deduction.
The deadline for your income taxes this year is April 30, 2019. Don’t wait until the last minute to file your taxes, download TaxTron to NetFile your tax return today!