What’s new in 2019 tax return?
To help you prepare for your upcoming tax season, we have taken a look at the tax news for the 2019 tax year, here are some updates that deserve your attention.
Home Buyer’s Plan (HBP)
Effective March 20, 2019, the maximum amount that can be withdrawn from an RRSP in connection with the HBP increased from $25,000 to $35 000. The eligibility criteria for the HBP have been eased for individuals in the event of a marriage or union breakdown.
New Canadian training Credit
This new Canada training credit is a refundable tax credit intended to provide financial assistance, which will allow individuals between the ages of 25 and 64 to recover up to 50% of the tuition fees and
other eligible expenses associated with the training. This credit can only be claimed from the 2020 taxation year.
Elimination of the additional contribution for subsidized educational childcare
As of 2019, all families no longer have to pay additional contribution for the subsidized educational childcare.
Quebec prescription drug insurance plan
On July 1, 2019, the contribution rates for the Quebec prescription drug insurance plan were increased, and the maximum contribution increased from $616 to $636. Thus, the premium maximum of 2019 is $626.
Please note that several amounts and tax credits have been increased. For example:
- The deduction for workers;
- Basic personal amount;
- Reduction threshold for certain tax credits;
- Amount for a person living alone;
- The amount due to age;
- The basic exemption used to calculate the contribution to the health services fund.
In addition, there are tax credits fos expenses incurred for medical expenses and for donations to registered charities. Don’t forget to join your receipts to your file.
To learn more about tax news in 2019 and the tax credits to which you are entitled, contact us at 1-844-200-IMPO. Our team will be more than glad to assist you.
At anytime, you may start adding your tax documents in your CUSTOMER CENTER
Looking forward to producing your tax return!
The Taxō Team