As is the case with most Federal Budgets, proposals have been made regarding sales and excise tax with a focus on health measures - as well as cannabis in light of new products being introduced to the Canadian market.
Buying your first home is a big step and an expensive one. Luckily, the 2019 Federal Budget proposes a series of tax changes that could help first-time home buyers bear that financial burden more manageably.
The main changes include increases to the RRSP Home Buyer’s Plan withdrawal limits for first-time home buyers and access to a First-Time Home Buyer Incentive.
The 2019 Federal Budget proposes a number of changes that will affect individual Canadians, and their tax strategies for the year ahead.
The 2019 budget proposes a number of changes that will focus on providing relief to businesses in specific industries including journalism, research and development, film and video production, farming and fishing businesses, as well as new Capital Cost Allowance rules for businesses using zero-emission vehicles.
In addition, the government proposes rules to prevent businesses from circumventing current character conversion transaction rules to gain a tax advantage.
With every new year comes a new federal budget. This year, the budget includes $22.8 billion in additional spending over the next five years for the enhancement of existing tax credits and incentives and the addition of new ones, additional resources for the Canada Revenue Agency (CRA) to recover unpaid taxes, new measures to reduce tax evasion and avoidance, improving savings plans for retirees and those with disabilities and introducing a national prescription drug plan.
Many Canadians, or at least the half that have taken the time to draft a will, often assume that once their will has been written up, they can put it out of sight and out of mind.
The problem is that drafting your last will and testament requires regular updating to reflect changes in your life. As a rule, you should review your will every three to five years to ensure that everything still applies to your current situation. In addition, if is important to review your will after any major life event.
As a small business owner, it is important for you to understand your business and be accountable to the Canada Revenue Agency (CRA) who holds you responsible for reporting your business activity through tax returns and remittances.
To do this effectively, you must understand the necessary processes and the information you need to collect and retain. You must also understand the factors that impact the growth and success of your business.
As with every new year, 2018 and 2019 saw changes that will affect your tax planning strategy as both an individual and as a business owner.
To help you better understand the changes you should be considering when completing your 2018 tax return and planning for 2019, we have compiled them here for your review.
