Income Tax Season starts for Efiling February 24, 2020, all personal taxes need to be filed by April 30, 2020, small business taxes are due June 15, 2020.
What’s new for this season? The tax package has a new look. It includes the income tax guide for Non Residents and Deemed Residents of Canada. It reduces the number of forms by eliminating Schedule 1.
- CPP and QPP are enhanced, meaning if you contribute more to CPP and QPP you will receive improved benefits in exchange for higher contributions..
- There is also a deduction on Schedule 8 or FormRC381. Canada Training Credit: once you meet certain conditions you will accumulate $250 per year, to a max of $5000 per lifetime. Claiming a Canada Training Credit equal to your Canada Training Limit for the year or 50% of your eligible tuition and fees paid to an educational institution in Canada. (whichever is less). Canada Workers Benefit replaces the working income tax benefit. See Schedule 6,
- Kinship Care Providers, able to claim credit, Home Buyers Plan, the amount your allowed to withdraw has increased.
- Medical expenses certain cannabis products purchase will be considered. see RC4065
Just a reminder: If you do not file your Income Tax and you’re entitled to Benefits you will not receive them. If you have a spouse they must file too. It’s important to keep your personal information up to date. All tax payments are due on April 30, 2020. Late payment or Late filing will result in penalties and interest.