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2019 Quebec Budget

2019 Quebec Budget Highlights

OVERALL:

  1. Increase in the 2018-19 surplus predicted in December, from $1.65 billion to $2.5 billion, after the contribution to the Generations Fund
  2. A five per cent increase to each of education and health budgets
  3. $1.4 billion in new announced spending for 2018-19 and $16.1 billion in spending increases or revenue cuts through 2023-24
  4. Projected economic growth of 1.8 per cent in 2019 and 1.5 per cent in 2020
  5. Debt projected to fall below 45 per cent of gross domestic product in 2021
  6. A $2.5 billion contribution to the Generations Fund in 2019-20, of which $2 billion will come back out to repay debt, as announced in December

TAXES:

  1. A 17 per cent reduction overall in school property taxes, after a 16 per cent reduction in 2018-19
  2. A lower age of eligibility for a career extension tax credit from 61 to 60, and higher ceiling of eligible income to $10,000 for workers 60-64, plus a new small business payroll tax credit of up to $1,250 for workers 60-64 and $1,875 for workers 65 and over
  3. A gradual reduction in the additional contribution for child care, to be eliminated entirely in 2022 (in 2019, families with income under $78,320 will pay the base rate of $8.25 a day)
  4. Mandatory registration for lodging taxes for accommodations offered on digital housing sharing platforms

2019 Quebec Budget Plan

To visit the details directly in English or en Français

Need a tax professional to prepare your to prepare 2018 Tax Return

About Expert Fiscaliste

Save Your Tax
Call Expert Fiscaliste at 514-954-9031

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your 2018 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2019 Federal Budget

The 2019 Federal Budget highlights:

  1. 2018-19 deficit projection: $14.9 billion, down slightly from the fall.
  2. 2019-20 deficit projection: $19.8 billion, with $3 billion risk adjustment.
  3. Debt: $685.6 billion, projected to rise to $761.7B by 2023-24.
  4. Debt-to-GDP ratio: Projected to be 30.8 per cent, falling to 28.6 per cent by 2023-24
  5. $22.8 billion in new spending over the next five years:
    1. $6 billion for research in health and science
    2. $4.7 billion in new money for Indigenous communities, including for settling land claims; “governance support”; improving child welfare services; promoting Indigenous languages; and improving health and safety in communities.
    3. $3.9 billion in compensation for supply-managed farmers who are losing a share of the dairy, egg and poultry market after two trade deals entered into force: the Comprehensive Economic and Trade Agreement with the European Union, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with Japan, Australia, New Zealand and seven other countries in the Asia-Pacific.
    4. $1 billion to increase affordability of high-cost drugs for rare diseases, plus the creation of a new Canadian Drug Agency to negotiate prescription drug prices “on behalf of Canadians

Individuals Highlights:

  1. A new First-Time Home Buyer Incentive introduced in Budget 2019 aims to reduce the amount first-time buyers have to pay for a mortgage without increasing the required down payment
  2. The Home Buyers’ Plan (HBP) withdrawal limit will increase from $25,000 to $35,000 starting March 19, 2019.
  3. The Canada Training Credit will let Canadians aged 25 to 64 accumulate $250 a year (to a maximum of $5,000, meaning $1,000 every four years) to put towards training fees, college, university, and other eligible institutions providing occupational skills, starting in 2020.
  4. The EI Training Support benefit provides four weeks of income support (55 per cent of a person’s average weekly earnings) every four years so that workers can take time off to go to school or train in some way.
  5. The federal government is lowering the interest rates on Canada Student Loans and Canada Apprentice Loans.
  6. There will no longer be interest charged during thesix-month grace period that students receive before they must start repaying their Canada Student Loans.
  7. A credit of up to $5,000 for purchase of electric vehicles
  8. and more…

2019 Federal Budget Plan

To visit the details directly in English or en Français

Need a tax professional to prepare your to prepare 2018 Tax Return

About Expert Fiscaliste

Save Your Tax
Call Expert Fiscaliste at 514-954-9031

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your 2018 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2018 Individual Tax Return

let Expert Fiscaliste prepare your tax returns
Call Expert Fiscaliste 514-954-9031

It’s that time of the year again to prepare your 2018 Individual Tax Return.  Let us Prepare your 2018 Tax Return for you, it’s a simple three step process.  To assist you in identifying the information that will be required to properly prepare your tax return see our 2018 Individual Tax Return Checklist. 

Call Expert-Fiscaliste 514-954-9031

We will make sure that you get the maximum refund possible and we will provide you with year-round tax support as your Authorized Representative.  For more information on Individual Tax Returns or  what is new for Individuals or to see our tax calendar for important dates and deadlines.

We are constantly looking at ways to make it easier for you to share securely information.  With this objective we now have a new portal, request an invitation to register.

About Expert Fiscaliste

Save Your Tax
Call Expert Fiscaliste at 514-954-9031

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your 2018 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

March 15, 2019 and Taxes

March 15, 2019 and Taxes

1st Payment Deadline

March 15, 2019 – First quarter personal tax instalment due. If your estimated net income tax payable for the year or two preceding tax years exceed $3,000.

March 15, 2019

March 15, 2019 – is the deadline for filing 2018 S-Corp and partnership tax returns, or extensions, 2019 S-Corp elections for existing entities, and 2019 Section 475 elections for a pass-through entity. Don’t miss any of these tax filings or elections; it could cost you.

For S-Corps and partnerships use Form 7004 (Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns). 2018 S-Corp and partnership extensions give six additional months to file a federal tax return, by Sep. 16, 2019.

2019 Tax Calendar

Tax Deadlines
514-954-9031

For more information on our tax calendar, visit our page http://www.expert-fiscaliste.org/individual-tax/individual-tax-calendar/

If you prefer down load our PDF version here: 2018 Expert Fiscaliste Tax Calendar

About Expert Fiscaliste

Save Your Tax
Call Expert Fiscaliste at 514-954-9031

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage certain deadlines in your 2018 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

What’s new on 2018 tax return

What’s new on 2018 tax return

Canadian taxpayers must prepare and file every spring the same form the T1 Income Tax and Benefit Return. That return form is never the same from one year to the next. The one constant in tax is change, and every year taxpayers sit down to face a different tax return form.

First, there are automatic changes to the tax rules which are reflected on the return every year. The basic personal credits which can be claimed by most taxpayers increase every year. The income brackets which applies at each level of income are changed to reflect the rate of inflation.

Changes in tax credit amounts or tax bracket figures are largely invisible to the average taxpayer. They don’t require any change to the layout or organization of the tax return form. The more significant changes are those which provide new credits or deductions to qualifying taxpayers . Or eliminate such credits or deductions which taxpayers might have claimed in previous years.

About Expert Fiscaliste

Save Your Tax
Contact Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts.

If you want to take advantage of our services for your tax return.  Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2019 Expert Fiscaliste Tax Calendar

2019 Expert Fiscaliste Tax Calendar

Save Your Tax
Call Expert Fiscaliste at 514-954-9031

While most Canadians are aware of the April 30 personal income tax filing deadline. There are other important tax deadlines that must be observed over the course of the year. This is especially if you want to take advantage of certain tax deductions and credits. This calendar summarizes several important dates on the tax calendar and offers some tips to help you with your overall tax planning. Where a deadline falls on a weekend or a holiday recognized by the Canada Revenue Agency (“CRA”), the deadline is generally extended to the next business day

2019 Tax Calendar

For more information on our tax calendar, visit our page http://www.expert-fiscaliste.org/individual-tax/individual-tax-calendar/
If you prefer down load our PDF version here: 2018 Expert Fiscaliste Tax Calendar

About Expert Fiscaliste Calendar

Expert Fiscaliste’s Tax Calendar is neither a comprehensive review of the subject matter covered nor a substitute for specific professional tax advice. The tax dates discussed in this publication may or may not be appropriate for you. We encourage you to consult with an independent tax professional to confirm the relevant deadlines and the anticipated implications to your particular situation (with respect to the current tax legislation).

About Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts. If you want to take advantage certain deadlines in your 2018 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2018 Pension Splitting


Why does Pension Splitting work

Pension income splitting, works because “progressive” tax system, in which the applicable tax rate goes up as income rises. For 2018, the federal tax rate of 15% is applied to about the first $47,000 of taxable income. The next tax rate is 20.5% applied to the next $46,000 of taxable income. A couple could split their income take advantage of the lower rates. In addition, both members could take advantage of the pension tax credit.

Over the age of 65.

Income tax is a big-ticket item for most retired Canadians. Especially for those over 65 the annual tax bill may be your single biggest expenditure. The Canadian tax system provides a number of tax deductions and credits available to those over the age of 65. Like the age credit or the pension income credit, splitting pension can minimize the tax burden.

Tax Saving Strategy

Pension Splitting is another income tax saving strategy which is not nearly as well-known. The fact that the benefits of this strategy aren’t readily apparent from either the tax return form. Ask your professional tax planning or tax return preparation expert how much can you save in tax.

About Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts. If you want to take advantage of pension splitting in your 2018 Tax Return. Give us a call at 514-954-9031, or visit our Contact Tax Experts page.

2019 Automobile Deduction Limits and Expense Benefit Rates

Most of the Automobile Deduction Limits and Expense Benefit Rates that applied in 2018 will continue to apply in 2019. With two changes taking effect as of 2019:

The limit on the deduction of tax-exempt allowances

These are tax-exempt allowance paid by employers to employees who use their personal vehicle for business purposes. 2019 the rate will be increased by 3 cents to 58 cents per kilometre for the first 5,000 kilometres driven. In excess of 5000 kilometers 52 cents will be used. 

Northwest Territories, Nunavut and Yukon, the tax-exempt allowance is 4 cents higher. For 2019, 62 cents per kilometre for the first 5,000 kilometres driven. In excess of 5000 kilometers 56 cents will be used.

These allowances are intended to reflect the main costs of owning and operating an automobile. Operating costs include depreciation, financing, insurance, maintenance, and fuel.

General Prescribed Taxable Benefit Rate


The general prescribed rate that is used to determine the taxable benefit of employees relating to the personal portion of automobile operating expenses paid by their employers will be increased by 2 cents to 28 cents per kilometre.

For taxpayers who are employed principally in selling or leasing automobiles the prescribed rate will be increased by 2 cents to 25 cents per kilometre.

The amount of this benefit is intended to reflect the costs of operating an automobile. The additional benefit of having an employer-provided vehicle available for personal use (i.e., the automobile standby charge) is calculated separately based on capital costs and is also included in the employee’s income.

The following limits from 2018 will remain in place for 2019:

  • Ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000. The ceiling is before applicable federal and provincial-territorial sales taxes for purchases after 2018.  This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.
  • Maximum allowable interest deduction for amounts borrowed to purchase an automobile will remain at $300 per month.
  • Limit on deductible leasing costs will remain at $800 per month. Plus applicable federal and provincial-territorial sales taxes for leases entered into after 2018.  This limit is one of two restrictions on the deduction of automobile lease payments.  A separate restriction prorates deductible lease costs where the value of the vehicle exceeds the capital cost ceiling.

About Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts. If use a automobile for business for business you maybe interested in our services call us at 514-954-9031, or visit our Contact Tax Experts page.

Canada Child Benefit increased

Canada Child Benefit increased two years ahead of schedule

Quick facts

Across Canada, CCB payments worth $23.7 billion benefit nearly 3.7 million Canadian families.

Over 870,000 families in Quebec received nearly $5.5 billion from the CCB in the 2017–18 benefit year.

The CCB has helped lift more than half a million people—including 300,000 children—out of poverty.

The CCB will now have a maximum annual benefit of $6,496 per child under age 6 and $5,481 per child aged 6 through 17 years.

Examples:

For a single parent earning $35,000 with two children, the accelerated indexation of the CCB will contribute nearly $600 towards the increasing costs of raising their children for the 2019–20 benefit year.

A single working parent who has two children (one child under 6 and one child aged 6–17) and who earns $30,000 a year receives almost $12,000 in benefits for the 2018–19 benefit year. This is about $3,000 more than they would have received under the previous system of child benefits.

About Expert Fiscaliste

Expert Fiscaliste provides Canadian and international income tax preparation and consulting services to individuals, businesses, and trusts. If you are interested in our services call us at 514-954-9031, or visit our Contact Tax Experts page.

Business Portal Benefits

Digital Drives Satisfaction

Portal Usage Helps Drive Client Satisfaction

The digital age has conditioned clients to expect more instant gratification. Offering clients on-demand access to their own files via a business portal provide many benefits to our clients.

Studies show that satisfied clients are twice as likely to have the capability to share data with their firm using a self‑service business portal.  

Secure Business Portal

The Expert Fiscaliste Business portal is a secure access point for better management of your tax documents. Built to ensure client confidentiality with first class encryption security.

Business Portals Support Client Experience

Communication and Collaboration

Expert Fiscaliste Business Portal Benefits clients by offering the on-demand service clients come to expect from their online interactions. Portals that are also accessible via a mobile app make Expert Fiscaliste even more responsive. Now, clients can request a file when it is convenient for them and it now doesn’t even have to be done during office hours. Clients can now sending a copy of a receipt or document is as simple as taking a photo.

Collecting Source Documents

One of the most common causes of delays in accounting firms are collecting source documents. Clients have a lot of different documents, and now our Business Portal Benefits clients by being able to uploading documents to the portal to save a lot of time, speed up the tax preparation process, and even save you money.

Delivering Final Documents

On the other end of the engagement, business portals are a great way to deliver completed documents. Clients can benefit by signing and uploading signed authorizations and Expert Fiscaliste can EFILE the final tax returns. Eliminating the delivery of paper documents and the supplies associated with them reduces costs by up to 30% and benefits the environment.

Expert Fiscaliste Portal

Expert Fiscaliste Portal

The reasons for using Expert Fiscaliste’s client portal are clear, if you would like more information click on the links below

Expert Fiscaliste Portal
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