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TaxTips.ca - The Facts on Tax
TaxTips.ca - The Facts on Tax

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TaxTips.ca November Newsletter

2019 Calculators; Enhanced CPP; Life in the Tax Lane; TD1s; RRSPs/RRIFs; Budgets & more

#calculators #employees #employers #smallbusiness #seniors #financialplanning
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Taxpayer Relief Deadline December 31, 2018

Haven't filed your 2008 tax return yet? #Taxpayers are running out of time to file requests under the taxpayer relief provisions for the 2008 tax year and any reporting period that ended in the 2008 calendar year. As a result of a Federal Court of Appeal Case, Bozzer v Canada, the taxpayer relief provisions (fairness provisions) can apply to reduce interest and penalties which have accumulated in the 10 taxation years preceding the request for leniency, even if the tax debt causing the interest arose prior to that period. So, if a tax debt arose from a tax year prior to 2008, penalties and interest that have accumulated from 2008 to 2018 could still be reduced as a result of a 2018 request for leniency. #CdnTax
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TD1 Forms for #Employees and #Pensioners

The TD1 forms for 2019 are available from Canada Revenue Agency. If there have been changes which will affect your tax exemptions (see our article), you should ensure that you complete these forms so that your #employer (or other payer) will deduct the appropriate amount of income tax from your employment income or pension income. New employees should always complete these forms. For those working only part time, if your total income for the year will not exceed your exemptions, you should tick the appropriate box on the back of the form, so that your employer will not deduct any income tax from your pay cheques. #students #CdnTax
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RRIF Minimum Withdrawal Prescribed Factors

The prescribed factor for your 2019 withdrawal from a RRIF will depend on your age at the beginning of 2019. This is your age, or the age of a younger spouse, on December 31st, 2018. When your RRSP is converted to a RRIF, you can elect to use the age of a younger spouse to calculate your minimum withdrawals, as long as this election is done prior to receiving any payments out of the RRIF. #seniors #pensioners #CdnTax
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Life in the Tax Lane December 2018

This month's topics include:
Faster CCA write-offs;
What is manufacturing & processing equipment;
Corporate passive investment income & the small business deduction;
CRA audits - liquor sales;
2019 indexation; and
Carbon tax and climate incentive payments.
#smallbusiness #employees #taxpayers #CarbonTax #cdntax #cdnpoli
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Converting RRSPs to RRIFs

If you turned 71 this year, your RRSP must be converted to a RRIF, or used to purchase an annuity, by December 31st, but if you haven't done this already your financial institution will probably be automatically converting it soon. If you turned 65 this year, you may want to convert some of your RRSP to a RRIF before December 31st, to take advantage of the pension income tax credit, and perhaps pension splitting with your spouse. #CdnTax #investors #savemoney #seniors
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Last Trading Date for 2018 Gains and Losses to be Recorded in 2018

The last trading date in 2018 for Canadian and US publicly traded stocks is Thursday, December 27th. Stocks purchased or sold after this date will settle in 2019, so any capital gains or losses on sale will apply to the 2019 tax year. #CdnTax #cdnpoli #investors #investing
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RRSP Contribution Deadline for 2018

The deadline for RRSP contributions for the 2018 taxation year is Friday, March 1, 2019. #CdnTax #employees #smallbusiness #self-employed
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Investment Income Tax Calculators for 2019/2018 - all provinces and territories except Quebec

The purpose of these calculators is to show the big difference in taxes payable on different types of #investment income, for taxpayers of any age. Even when the age credit and Old Age Security are clawed back, Canadian dividends and capital gains result in the least taxes payable when compared to other types of income such as foreign dividends and interest. The Quebec investment income tax calculator will hopefully be available soon. #investors #CdnTax #investing #seniors
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RRSP Contribution Deadline for 2018

The deadline for #RRSP contributions for the 2018 taxation year is Friday, March 1, 2019. #taxplanning #taxpayers #investors #CdnTax
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