Entries by KHGrandForks

Increases to Climate Action Tax Credits

Gradual increases are planned for the provincial Climate Action Tax Credit for eligible taxpayers. In July of this year, the maximum amount of the annual credit was increased to $155 per adult from $135. This will increase to $174 per adult in July 2020, and $194 per adult in July 2021. The annual credit per […]

Amortization (CCA) Rates Increased

The federal government has introduced accelerated rates of amortization on capital asset purchases, otherwise known as Capital Cost Allowance (CCA). These will allow businesses to write off their eligible asset purchases faster than in previous years. The write off will be increased by one half of the original rate on ordinary asset purchases, if the […]

Credit for Digital Subscriptions

A new non-refundable federal tax credit has been introduced for individuals who purchase digital news subscriptions. The maximum amount of the credit is $500 per year. It is limited to the cost of the standalone digital subscription if the individual purchases a combined digital and newsprint subscription. To qualify for the credit the amount must […]

BC Child Opportunity Benefit

Starting this October, the provincial Early Childhood Tax Benefit is changing to the BC Child Opportunity Benefit. The maximum annual benefit will be $1,600 for a family’s first child, $1,000 for the second, and $800 for each additional child. The children must be under the age of 18 to qualify. If a family’s net income […]

TFSA LIMIT LIKELY TO INCREASE

The 2019 contribution limit for Tax Free Savings Accounts (TFSA) is expected to grow to $6,000. The contribution limit is calculated using an indexing mechanism, in which the base amount compounds annually by the Consumer Price Index, and is then adjusted to the nearest $500. In 2009, when the TFSA was first introduced, the base […]