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2018 RRSP Contribution Deadline is March 1!

The 2018 RRSP contribution deadline is rapidly approaching and the last day to make contributions is March 1, 2019. Why should you contribute to an RRSP? Contributing to an RRSP before March 1 lowers your 2018 taxable income and result in less income tax owing when you file your 2018 tax return. If you normally get a refund, a RRSP contribution can increase the size of your refund and if you generally owe tax, a contribution can help lower the amount owing.

 

CLICK HERE: 2018 RRSP Savings Calculator

Click above for a handy calculator to give you an estimate of tax you can save by making an RRSP contribution. If you’re not sure if you should contribute to an RRSP or how much to contribute, give us a call at 604-892-5131 to speak with one of our advisors.

 

2018 & 2019 Tax Numbers That Matter to You

 

If you have dependents, there’s some essential numbers to keep in mind as we prepare for the end of year and coming tax season.

 

READ MORE: Advisor’s Edge Essential tax numbers: updated for 2019

 

  • Canada Child Benefit: this benefit is non-taxable income, and in 2019 the benefit will increase to a maximum of:
    • $6,639 per child under age 6
    • $5,602 per child aged 6 through 17

 

  • Child care expense deduction limits: there’s no change in this amount since 2017, but you can still claim:
    • $8,000 for children under age 7
    • $5,000 for children aged 7 through 16
    • $11,000 for children who are eligible for the Disability Tax Credit

 

  • Family caregiver amount: if you have a dependent who is physically or mentally infirm, there may be up to an additional $2,150 in non-refundable tax credits available to you.

 

  • Children’s Fitness and Arts Credits: these programs were eliminated in 2017 and can no longer be claimed for 2018 onwards.

 

  • Maximum TFSA contribution: in 2019, the TFSA contribution limit will increase to $6,000, up from $5,500 for 2018.

 

  • Maximum RRSP contributions: if you’re a super-saver and always max your RRSP contributions, you’ll want to know that the maximum limit for 2018 is $26,230, but this number will increase to $26,500 in 2019.

If you have any questions about these numbers and how they’ll affect you this year, please reach out to us by phone at 604-892-5131 or use the contact form below.

2018 & 2019 Tax Numbers That Matter to You

 

If you’re in the boomer generation, there’s some essential numbers to keep in mind as we prepare for the end of year and coming tax season.

 

READ MORE: Advisor’s Edge Essential tax numbers: updated for 2019

 

  • Maximum TFSA contribution: in 2019, the TFSA contribution limit will increase to $6,000, up from $5,500 for 2018.

 

  • Basic personal amount: for 2018, the basic personal amount is $11,809 and will increase to $12,069. You can claim this amount on your tax return as a non-refundable tax credit.

 

  • Medical expenses threshold: you can claim medical expenses as a non-refundable tax credit on your tax return, but the you can only claim the amount over and above 3% of your income or $2,302, whichever is less. In 2019, this amount will increase to 3% or $2,352, whichever is less.

 

  • Donation super credit: the first-time donor tax super credit program is now expired, so you can no longer claim it. Don’t worry though, donations will still be eligible for non-refundable tax credits!

 

  • Maximum RRSP contributions: if you’re a super-saver and always max your RRSP contributions, you’ll want to know that the maximum limit for 2018 is $26,230, but this number will increase to $26,500 in 2019.

 

If you have any questions about these numbers and how they’ll affect you this year, please reach out to us by phone at 604-892-5131 or use the contact form below.

2018 & 2019 Tax Numbers That Matter to You

 

If you’re a senior, there’s some essential numbers to keep in mind as we prepare for the end of year and coming tax season.

 

READ MORE: Advisor’s Edge Essential tax numbers: updated for 2019

 

  • Age amount: if you’re older than 65, you can claim $7,333 (this will increase by $161 to $7,494 in 2019) as a non-refundable tax credit.

 

  • Pension amount: there’s no change from 2018, but you can still claim $2,000 as a non-refundable tax credit if you have pension income or RRIF/LIF income.

 

  • OAS claw back line: you may have to repay some of your Old Age Security income if your income exceeds $75,910 for 2018. In 2019, this recovery threshold will increase to $77,580.

 

 

If you have any questions about these numbers and how they’ll affect you this year, please reach out to us by phone at 604-892-5131 or use the contact form below.