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Tax changes effective January 1, 2019January 17, 2019
Federal individual tax rates and brackets for 2019January 17, 2019
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2019 are listed below.
RRSP deduction limit increased
The RRSP contribution limit for the 2018 tax year (for which the contribution deadline is Friday March 1, 2019) is $26,230. In order to make the maximum current year contribution for 2018, it will be necessary to have had earned income for the 2017 taxation year of $145,725.
The RRSP contribution limit for the 2019 tax year is $26,500. In order to make the maximum current year contribution for 2019 (for which the contribution deadline will be Monday March 2, 2020), it will be necessary to have earned income for the 2018 taxation year of $147,225.
TFSA contribution limit increased
The TFSA contribution dollar limit for 2019 is increased to $6,000. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover of uncontributed or re-contribution amounts from previous taxation years.
Taxpayers can find out their 2019 contribution limit by calling the Canada Revenue Agency’s (CRA’s) Individual Income Tax Enquires line at 1-800-959 8281. Those who have registered for the CRA’s online tax service My Account can obtain that information by logging into that service.
Individual tax instalment deadlines for 2019
Millions of individual taxpayers pay income tax by quarterly instalments, which will be due on the 15th day of each of March, June, September, and December 2019, except where that date falls on a weekend or a statutory holiday.
The actual tax instalment due dates for 2019 are as follows:
Friday March 15, 2019
Monday June 17, 2019
Monday September 16, 2019
Monday December 16, 2019
Old Age Security income clawback threshold
The income level above which Old Age Security (OAS) benefits are clawed back is $77,580 for 2019.
Individual tax filing and payment deadlines in 2019
For all individual taxpayers, including those who are self-employed, the deadline for payment of all income tax owed for the 2018 tax year is Tuesday April 30, 2019.
Taxpayers (other than the self-employed and their spouses) must file an income tax return for 2018 on or before Tuesday April 30, 2019.
Self-employed taxpayers and their spouses must file a 2018 income tax return on or before Monday June 17, 2019.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.