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Climate Action IncentivesÂ
Saskatchewan, Ontario, Manitoba and New Brunswick – these are the 4 provinces failed to introduce a carbon pricing scheme on their own; as a result Federal government initiate on its own carbon tax measure in these provinces. The climate action incentives tax credit for 2018 tax return is designed to offset the Federal carbon tax applied from April 2019.
A family of 4 can get as much as $609 in Saskatchewan. A single person can get $305, for spouse $152 and each children will receive $76. In Manitoba a family of 4 will receive $339, in Ontario $307 and in New Brunswick $256. An additional 10% surplus will be added for those living out of CMA area or living in rural area.
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Tax Free Savings Account or TFSA
For 2019 TFSA contribution amount changed to $6000 annually, up from $5500 for 2018.
Changes to EI Benefit for Parents
If your child born or adopted on or after March 17, 2019, you many now can have 40 weeks parental benefit up from 35 weeks. Extended parental benefit is now 69 weeks up from 61 weeks.
WITB renamed as Canada Workers Benefit
WITB or working income tax benefit, a refundable tax benefit, for low income individual or families has been changed to Canada Workers Benefit. This benefit is now being indexed with inflation. For the year 2019 individuals without children will be eligible to receive $1355 up from $1059 for 2018 tax year. Families with children will receive $2,335 up from $1922 for 2018 tax year. CRA will automatically determine if you are eligible to receive this benefit even though you did not file a claim.
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