Why Canada's high tax rates could be a non-factor in Kawhi's stay-or-go decision: Jamie Golombek
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In just over a week, Toronto Raptors superstar, fan favourite and “fun guy” Kawhi Leonard becomes a free agent and can effectively write his own ticket to play anywhere in the NBA. Leonard was named Finals MVP after the Raptors defeated the defending champion Golden State Warriors in six games.
Basketball fans across Canada (this writer among them!) are begging Leonard to re-sign with the Raptors, in the hope the team can repeat as champs, following in the footsteps of the Toronto Blue Jays’ back-to-back World Series wins in 1992 and 1993. Local Toronto businesses are offering Leonard incentives to stay, including the use of a multi-million dollar penthouse and free dining under the “Ka’Wine & Dine” initiative. And, of course, he would continue to be paid in U.S. dollars while spending our cheaper Canadian currency.
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What’s new in QuickBooks Online: April 2019
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With taxes out of the way, it’s time to give your business a boost. With our latest QuickBooks® Online updates, you’ll get time-saving features to help simplify your clients’ workflow and employee management, plus expert help to support your growth.
What’s new in April
Free third accountant user in QuickBooks Online Advanced
Enhanced custom fields in QuickBooks Online Advanced
Automated time-off tracking in QuickBooks Online Payroll
Pre-scheduled contractor payments in QuickBooks Online Payroll
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Here's what's new this tax filing season, from climate incentive credits to expensing your service dog
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The beginning of March marks the end of RRSP season and the start of tax season. The Canada Revenue Agency began accepting electronic returns as early as last week. Last year, nearly 90 per cent of the over 29 million returns Canadians filed were completed online. Let’s take a look at what’s new this tax-filing season and provide some tips to help you start your return.
The deadline
Most Canadians’ tax returns are due on April 30, 2019. If you or your spouse or partner are self-employed, you have until June 15, 2019 to file your returns; however, since June 15, 2019 falls on a Saturday, the CRA will consider your return to be filed on time as long as the CRA receives it by (or it’s postmarked by) midnight June 17, 2019. Note that any balance owing is still due by April 30, 2019.
Tax rates
The federal tax rates on your 2018 return haven’t changed at all from the prior year, although the brackets have been indexed to inflation by 1.5 per cent over 2017. The lowest bracket last year – 15 per cent federally — was for taxable income up to $46,605. Combined with provincial or territorial tax, that resulted in a combined rate of anywhere from 19 per cent in Nunavut to 30 per cent in Nova Scotia.
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How not to claim employment expenses on your tax return
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If you’re an employee who pays for various work-related expenses that your boss doesn’t cover, you may be able to get some tax relief when you file your 2018 tax return by claiming a deduction for valid employment expenses.
Typical, deductible employment expenses can include: accounting, legal, advertising and promotion fees, allowable motor vehicle expenses, certain food, beverage, and entertainment expenses, out-of-town lodging expenses, parking, postage, stationery and other office supplies.
But before trying to claim any of these employment expenses on your return, be sure to get a copy of a properly completed and signed Form T2200, “Declaration of Conditions of Employment.” Your employer must complete this form for you to be able to deduct employment expenses from your income. While you don’t need to file this form with your return, you’re supposed to keep it in case the Canada Revenue Agency asks to see it. If you get audited by the CRA, the failure to have a completed, signed T2200 from your employer can lead to your employment expense deduction being denied, as was the case with a taxpayer who found himself before the Tax Court of Canada.
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Taking this step when filing your taxes can help you avoid a gross negligence penalty from the CRA
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This week, the Canada Revenue Agency held a media briefing to usher in the beginning of the 2019 tax filing season. But unless you’re certain that you’ve already received all of your tax slips for 2018, you may want to hang on a bit before filing your return.
While waiting for those remaining slips to arrive, take some time this weekend to get organized, making sure you have the necessary receipts to back up all your deductions and credits. Failure to provide proper receipts to the CRA could not only lead to a denied deduction, but could also result in a gross negligence penalty, as an Ontario taxpayer recently found out.
The case, decided last week, involved the child care deduction and illustrates the importance of getting appropriate receipts to back up your claim. The taxpayer has five children, but only her youngest two children lived with her from 2003 to 2007, the tax years under review.
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