What changes should taxpayers be aware of for their 2018 tax returns? Our tax specialist, Sarah Phaneuf, highlights some new developments.
The 2018 tax season is just around the corner. Sarah Phaneuf, Tax Partner at Raymond Chabot Grant Thornton, contributed to a Protégez-vous magazine article (February 2019 edition) and discussed a number of changes individuals should be aware of in their tax returns.
Phaneuf identified a variety of tax measures and added:
“Some tax credits have been enhanced or extended to support the middle class and have wealthier individuals pay more taxes. For example, given the worsening workforce shortage due to massive baby-boomer retirements, a number of smaller measures encourage individuals to work more or longer.”
“Additionally, since January 2018, income splitting measures at both the federal and provincial levels have been significantly curtailed. This will limit tax savings for contractors and incorporated professionals (physicians, accountants, lawyers, etc.) who could previously split some dividend income with their spouse or adult children.”
Consult our online Tax Planning Guide for help in preparing your tax returns.
To call on the help of a professional, use taxo.ca, an online tax service for individuals that is available year-round. Enter your data quickly, at any time, and let our professionals do the calculations for you.
Remember that the 2018 tax filing deadline is April 30, 2019.
14 Feb 2019 | Written by :