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There is a new look for your 2019 tax return – Schedule 1 has now been incorporated into the body of the T1 return.  Otherwise, very little of substance has changed from 2018.  Highlights of some of the new tax measures introduced in 2019 are:

Canada Training Credit – This is a new refundable tax credit for which eligible individuals can start accumulating $250 per year staring in 2019, up to a lifetime maximum of $5,000.  You will only be able to start claiming the credit on your 2020 tax return however.

Canada Workers Benefit – This benefit for low income working Canadians replaces the Working Income Tax Benefit.  If you qualify, the amount will be automatically calculated by your tax software.  If you prepare your returns manually, the calculation is done on Schedule 6.

Home Buyers Plan – The maximum amount of withdrawal from your RRSP under the Home Buyers Plan increased from $25,000 to $35,000 effective March 19, 2019.  There is also expanded eligibility for what is considered a “first-time home buyer” for those who have experienced a breakdown in their marriage or common-law partnership.

Zero-emission vehicles – If you are claiming automobile expenses for self-employment or employment, there are enhanced deductions for zero-emission vehicles purchased after March 18, 2019.

If you are looking for checklists to help you get ready to file your 2019 taxes, check out the following documents on our website at the Resources tab:

  • General (for all tax returns)
  • Self-Employment Income
  • Rental Income
  • Employment Expenses