As tax season approaches, it is important to be vigilant of CRA scams.
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
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