Tax Return Canada 2018 πŸ‡¨πŸ‡¦

Canada’s 2018 Tax Return

Tax Return Canada 2018
Tax Return Canada 2018

Canadian citizens or permanent residents must pay taxes as an inevitable part of life. Filing tax returns annually to determine how much tax one owes or if they qualify for a refund should be part of their financial picture ️ 1️⃣. The 2018 tax year brings some changes that all Canadians should be aware of in order to accurately file their returns .

The Canada Revenue Agency (CRA) oversees the taxation system in Canada, and is responsible for assessing, collecting, and refunding taxes. The CRA administers the Income Tax Act and other Canadian tax laws 🍁. The 2018 taxation year runs from January 1, 2018 to December 31, 2018, and tax returns must be filed by April 30, 2019 .

One of the key changes to the tax code in 2018 is the increased child benefit amount. The Canada Child Benefit (CCB) is paid to families with children under the age of 18. The maximum annual benefit amount for the 2018 taxation year is $6,496 for each child under the age of 6, and $5,481 for each child between the ages of 6 and 17. This benefit is non-taxable and will be included in the return as part of the calculation of the net income of the family πŸ‘ͺ.

Another major change to the tax code is the new disability amount πŸ†•. This amount which is non-taxable allows a maximum of $8,113 to be claimed for a family member with a disability. This amount is available for families that have a family member who is eligible for the disability tax credit, which can be claimed on the tax return.

Further, the Canada Pension Plan (CPP) and Employment Insurance (EI) contributions have also seen an increase in 2018 πŸ‡¨πŸ‡¦. The CPP contribution rates have increased to 5. 45% for both employers and employees, and EI rates have also increased for employers, employees, and self-employed individuals. Both of these amounts are deductible on the tax return.

The standard deduction for taxpayers without dependents increased by $2,069 . The amount is taken from the taxpayer’s income to determine their taxable income . The amount can be used by taxpayers regardless their age, income or filing status.

The 2018 taxes also contain various tax credits and deductions that may be applicable to taxpayers . The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is available to low-income taxpayers, which is a non-taxable amount that can be claimed on the tax return πŸ”› ️. There are also certain medical expenses and charitable donations that may be eligible for a tax credit.

For those who are self-employed, the 2018 taxation year contains some important changes . The deduction for the self-employed has been increased to $1,298 which is a non-refundable credit. Additionally, the deduction for start-up costs has been increased to $3,000.

Tax Return Canada 2018 from Pexels , user Alexas Fotos
Tax Return Canada from Pexels , user Alexas Fotos

Finally the 2018 tax return is the first year in which Canadians are able to take advantage of the new tax-free savings account (TFSA) πŸ†•. This account allows Canadians to save up to $5,500 each year in a tax-free account with the interest earned on investments in the account also being tax free.

Tax returns can be complex and it is important to be aware of the changes to the Canadian tax code for 2018. By understanding the key changes Canadians are better able to be certain that that their tax returns are accurate and that they can take full advantage of the deductions and credits available to them πŸ”‘. . .

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πŸ‘ͺ πŸ”‘ ️ πŸ§’ πŸ†• πŸ†™ 1️⃣ πŸ”› πŸ‡¨πŸ‡¦ 🍁

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