Resources – Did You Know?
We hope you find the following bits of information useful:
TFSA contribution limit in 2019 is $6000, up to a maximum of $63,500.
If you are 18 or older you can contribute to a TFSA.
You can access your business tax information through CRA My Business Account.
Interest is compounded daily on any unpaid balance owing for personal taxes.
If you file your taxes late, there is a 5% penalty on your balance owing, plus an additional 1% penalty per month.
You can access your personal tax information through CRA My Account.
You can claim eligible tuition amounts on a T2202 Slip.
You can split up to 50% of your pension income with a spouse, if certain conditions are met.
The EI maximum for employees for 2020 is $856.36.
The CPP maximum for employees for 2020 is $2898.00.
Medical vehicle rates for BC are $0.53/km for 2018.
Medical meal rates are $17/meal, up to a maximum of $51/day.
Non-capital losses can be carried back 3 years, and forward 20 years.
Capital losses can be carried back 3 years, and forward indefinitely.
The deadline for filing T4s is February 28th.
If you are single and have a relative who is dependent upon you, you may be eligible to claim the eligible dependant amount.
Eligible childcare expenses are a deduction from income.
You can deduct eligible moving expenses if you moved for work or school.
The personal income tax filing deadline is April 30th for individuals, and June 15th for small businesses.
RRSP contributions are a deduction against income.
You can contribute to your RRSP until March 1st of the following year.