2019 Tax Policy Updates

Q: What’s new in the T1-2017 program?

A: The following describes some legislative changes which may mostly affect your 2017 personal tax:

Basic personal amount (line 300) – The amount has increased to $11,809.

Age amount (line 301) – The maximum amount has increased to $7,333.

Climate Action Incentive schedules: We will help you to fill out Schedule 14 if you are resident of ON, MB, NB or SK in 2018.
ON479: Ontario Seniors public transit credit on line 6305. Ontario seniors (65 years or older) can claim senior fare for public transit like bus, subway, train or tram. Please keep your public transit pass, electronic payment card, ticket or token for at least 6 years.
Tuition, education, and textbook amounts: The ON and SK credits for tuition and education have been eliminated.
Employee home relocation loan deduction (line 248): This was eliminated.
The first-time donor super credit: This was eliminated.
Accelerated CCA by the name AIIP (Accelerated Investment Incentive Property): The AIIP applies only to properties acquired after Nov 20, 2018.
Tax on Split Income (TOSI) :We will help to fill out form T1206.

 2018 Tax Brackets (Fed/ON)  
• At  $11,809   –  20.05%
• At  $42,960  –  24.15%
• At  $46,605  –  29.65%
• At  $75,653  –  31.48%
• At  $85,923  –  33.89%
• At  $89,133  –  37.91%
• At  $93,208   –  43.41%
• At  $144,489  –  46.41%
• At  $150,000  –  47.97%
• At  $205,842  –  51.97%
• Over  $220,001  –  53.53%
(Triple J provide tax planning services)