Welcome to our 2019 tax planning issue; a guide dedicated to helping you get the most out of your tax returns. This newsletter is full of topics and opportunities that we believe you should consider when filing your 2019 taxes. This publication is not intended to be a summary of the technical provisions of the Income Tax Act, and before you undertake any tax planning strategy, it is important to review it thoroughly with your Crowe MacKay tax advisor.
Missed opportunities mean extra taxes
Thousands of Canadians pay more income tax than they should. By not taking full advantage of deductions, you may be one of those generous Canadians without even knowing it. Are you aware of all of the deductions that are available to you? Do you file your return on time? Do you pay tax installments quarterly to avoid interest charges?
Here is a look at some of the important dates and some of the commonly missed opportunities that could be contributing to your larger than necessary tax bill.
In this issue
- Reminder of expenses you can deduct and credits you can claim
- Ties to the US? Know your filing obligations
- Mark you calendars: Important deadlines starting December 2019 and extending to October 2020
- 2019 TFSA room increases to $6,000
- 2019 Home Buyers' Plan withdrawal limit increased to $35,000
- Planning for changes relating to the small business deduction limit, the impact of passive investment income in your corporation, and high tax rates on split income
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.