While today’s 2019 federal budget contained no tax rate cuts, the government did provide a variety of tax goodies and incentives. Your ability to take advantage of these changes, however, will depend on your particular circumstances. Here are some of the positive tax changes that may benefit you in 2019 and future years.Thinking of going back to school and retraining? Then the government’s newest boutique tax credit may be for you.
The budget announced an increase in the HBP withdrawal limit to $35,000 from $25,000 “to provide first-time home buyers with greater access to their RRSPs to purchase or build a home.” As a result of this change, a couple will potentially be able to withdraw up to $70,000 from their RRSPs to purchase a first home, starting March 20.While the standard age to start collecting your CPP benefits is age 65, you can begin collecting them as early as age 60 or as late as age 70.
The enhanced tax incentives include the donation tax credit as well as an exemption from capital gains tax arising from the gift, which is considered a deemed disposition for tax purposes.
Number 6. Go on welfare.
Why are eligible recipients of CPP over age 70 not enrolling? One would think any senior who needs the money would apply. Perhaps there are some who don’t need this taxable income and it would increase their tax burden Is this budget item actually a tax grab? Budget2019
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