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Published : Jan 4, 2019

Update From CRA for January 2019

The RRSP deduction limit is 18% of your previous year earned income to a maximum of $26,230 for 2018, $26,500 for 2019, and $26,230 for 2020.

 

Employment income is included on a T4 for the year in which it is  received, not earned .  If a payment is made in January 2019 for wages earned in December 2018, this amount will be reported on the 2019 T4,  not  on the 2018 T4

 

The per-kilometre amounts that may be paid tax-free to employees or officers as reimbursement for motor vehicle expenses incurred while travelling for business purposes using their personal vehicle will increase by 3 cents, to 58 cents per km for the first 5,000 km and 52 cents per km for each additional km. 

 

The prescribed rate used to determine the operating cost taxable benefit to an employee for an employer-owned vehicle is increased for 2019 by 2 cents, to 28 cents per kilometre.  The standby charge taxable benefit factors for automobiles remain unchanged.

 

Contact us at Copetti & Co to help with all your personal and corporate financial planning and tax reporting needs.

 

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