January 1st, 2019
Happy New Year!
Here are some changes for 2019.
If any questions or comments, please contact me.
CPP is now 5.1% in 2019 vs 4.95% in 2018 on payroll up to $57,400 ($55,900 in 2018). The basic exemption remains at $3,500.
2019 EI premium rates for employees will be lowered to $1.62 (from $1.66 in 2018) per $100 of insurable earnings in 2019. Accordingly, the maximum insurable earnings for 2019 will increase to $53,100 (from $51,700 in 2018).
The WSIB in Ontario Maximum Insurable Earnings Ceiling for 2019 is $92,600 for wages and dividends, compared to $90,300 in 2018.
December 27, 2018 – Ottawa, Ontario – Department of Finance Canada
The Department of Finance Canada today announced the income tax deduction limits and expense benefit rates that will apply in 2019 when using an automobile for business purposes.
Most of the limits and rates that applied in 2018 will continue to apply in 2019, with two changes taking effect as of 2019:
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:
List of Tax Measures Coming into Effect in 2019
Postal rate increases on January 14, 2019 being 5 cents more for local deliver now $1.05 under 30g versus $1.00
Ottawa required all provinces to put a minimum price on pollution of $20 a tonne of emissions. On April 1st 2019, Saskatchewan, Manitoba, Ontario and New Brunswick have not complied and will have a federal carbon levy on fuels as well as a cap-and-trade style of system for large industrial emitters imposed on them. The carbon cost will reflect the GHG emission footprint of each fuel type--for example, a $10 per tonne carbon price is approximately 2.3 cents per litre of gasoline, 2.7 cents per litre of diesel, and 1.5 cents per litre of propane.
TFSA Room increases $6,000.00 on January 1, 2019.
Peter Wiesner CPA, CA
The Canada Revenue Agency's systems will be undergoing annual maintenance. As a result, the following service interruptions will occur during the time frames noted below:
· The EFILE and ReFILE services will stop accepting transmissions of your clients’ initial and amended (T1) personal income tax and benefit returns at midnight (Local time) on Friday, January 25, 2019. Both services will re-open on Monday, February 18, 2019, at 8:30 a.m. (Eastern Time).
· The EFILE online application "Transmission history" will be unavailable from 8:00 p.m. on Friday, January 25, 2019, until 8:30 a.m. on Monday, February 18, 2019 (Eastern Time).
· The T1135 transmission web service for T1 will be temporarily unavailable from 8:00 p.m. on Friday, January 25, 2019, until 8:30 a.m. on Monday, February 18, 2019 (Eastern Time).
· The Pre-authorized debit web service will no longer be available for the 2017 tax year as of 6:00 p.m., Friday, January 25, 2019 (Eastern time). The service willre-open for the 2018 tax year on Monday, February 18, 2019, at 6:00 a.m. (Eastern time).
· The Auto-fill my return service will be temporarily unavailable as of 8:00 p.m. on Friday, February 8, 2019 (Eastern Time). The service will re-open on Monday, February 18, 2019, at 6:00 a.m. (Eastern Time). Auto-fill can be used to automatically fill in parts of the 2018 and three prior tax years of the T1 income tax and benefit returns, with information that the CRA has available at the time of preparing the return.
· The Express NOA service will be temporarily unavailable from 8:00 p.m. on Friday, February 8, 2019, until 6:00 a.m. on Monday, February 18, 2019 (Eastern Time).
· The T1013 transmission web service will be temporarily unavailable from 8:00 p.m. on Friday, February 8, 2019, until 6:00 a.m. on Monday, February 11, 2019 (Eastern Time).