Jamie Golombek: The climate action incentive payment will first reduce any balance owing for the year, and may increase any refund
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.Most Canadians’ tax returns are due on April 30, 2019.
Saskatchewan residents can claim a base amount of $305, Manitoba residents $170, Ontario residents $154 and New Brunswick residents may claim $128. In addition, if you’re married or living common law, an additional 50 per cent can be claimed for your spouse or partner. If you have qualified dependents under age 18, 25 per cent of the base amount can be claimed for each child.
Being a rare, refundable credit, the CAI payment will first reduce any balance owing for the year, and may increase any refund.If you’ve been searching online or in your tax software for the Schedule 4, entitled “Statement of Investment Income,” that you used in prior tax years to report your dividend, interest and foreign income along with any carrying charges and tax-deductible interest, you can stop looking as it’s been eliminated for the 2018 tax year.
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