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Tax Tips and Traps

2019 Tax Issue to consider

TAX TICKLERS… some quick points to consider…

TAX TICKLERS… some quick points to consider… McMahon Professional Accountants CollingwoodThe amount of income an individual can earn without paying tax (basic personal amount) will begin increasing in 2020. In the first year, it will rise to $13,229 (from $12,069 in 2019), and will reach $15,000 in 2023. The benefit will begin to be phased out when an individual has earnings of approximately $150,000.
The purchase of a zero-emission vehicle, if associated with an income earning purpose (e.g. used in a business), may be eligible for a 100% immediate write-off as long as the federal government purchase incentive was not obtained.
TFSAs – As of 2017, the average number of contributions per individual was 14.49, the average fair market value of each account was $19,633, and the average unused space was $30,947.
There are 2.21 million corporations in Canada (according to 2016 statistics that were recently released). Total tax payable for 2016 was $72.21 Billion.

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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.

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work clothing reimbursement, uniform reimbursement, protective clothing reimbursement

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.

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