2019 YEAR-END TAX PLANNING

December 31, 2019 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.

2019 PERSONAL INCOME TAX RETURN CHECKLIST

SECTIONS:

A. Information – All Clients Must Provide

B. Additional Information – New Clients Must Provide

Reimbursement For Work Clothing

On an April 17, 2019 Technical Interpretation, CRA was asked whether clothing reimbursements paid to maintenance employees were taxable benefits. Employees were not required to wear specific uniforms and were reimbursed based on receipts, to an annual maximum.

ZERO-EMISSION VEHICLES: Personal and Corporate Incentives

On April 17, 2019, Transport Canada released details on the purchase incentive of up to $5,000 for zero-emission vehicles as originally proposed in the 2019 Budget.

ANXIETY, DEPRESSION & PHOBIAS: Disability Tax Credit

In an April 3, 2019 Tax Court of Canada case, at issue was whether the impact of an individual’s mental impairment entitled her to the disability tax credit (DTC). The taxpayer suffered from social anxiety, depression and phobias.