For more information you can click here to visit CRA’s website.
Contributors who earn more than $55,900 in 2018 are not required or permitted to make additional contributions to the CPP.
The basic exemption amount for 2018 remains $3,500.
The employee and employer contribution rates for 2018 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.
The maximum employer and employee contribution to the plan for 2018 will be $2,593.80 each and the maximum self-employed contribution will be $5,187.60. The maximums in 2017 were $2,564.10 and $5,128.20
If you made a donation to a Canadian charitable organization then you can claim this tax credit. You will need to have a copy of the official receipt to claim the credit.
Furthermore, a gift of ecologically sensitive land cannot be made to a private foundation after March 21, 2017. There are also a number of changes to the Ecological Gifts Program (Revenue Canada).
As of July 1, 2017, this amount has been eliminated.
If you or your spouse or common-law partner carried on a business in the tax year, your return for the tax year has to be filed on or before June 15th of the following year. However, if you have a balance owing for the tax year, you still have to pay it on or before April 30th.
Did you know that there are a number of benefits senior citizens and credits can receive? Here are a few:
For more information you can visit this link to CRA’s website.
When someone close to you passes away you will need to notify the Canadian Revenue Agency. Here are the steps to follow: