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
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.
