The 2018 tax season is right around the corner!!!
Revenue Canada will start processing 2018 tax returns on February 26.
What’s new for 2018’s tax returns!
- You may be able to claim fertility treatments through the Medical Expenses Tax Credit
- This is a new retro-active credit. You may be able to adjust prior year returns as far back as 10 years.
- Canada Caregiver Credit – Are you helping take care of someone who is physically or mentally impaired?
- the Canada Caregiver Credit is now a consolidation of the infirm dependant, caregiver, and family caregiver credits.
- The Disability Tax Credit – Nurse practitioners are approved health professionals who can certify a person’s disability. This deduction is often overlooked. It has substantial tax saving potential. Talk to your tax professional about this credit.
- Educator School Supply tax credit (a carryover from the 2017 tax year)As a school teacher (primary or secondary), or an early childhood educator you are able to claim educational supplies. The credit allows up to $1000 of supplies for a 15% refundable credit. The type of unreimbursed expenses you can claim include, but not limited to: books, games, puzzles, containers, consumable supplies and educational software.
What’s gone for the 2018 taxation period?!?
- Revenue Canada has eliminated the “education and textbook amounts” for 2018 and future years. Although, you can still claim a credit for the tuition you paid.
- Manitoba has eliminated the Tuition Fee Tax Rebate (and advance) for tax years ending after December 31, 2017.
- Additionally, the Fitness and arts credits for your children’s activities also got the axe!
- The Public Transit tax credit is now in the scrap yard!
The filing deadlines remain the same:
- May 1st for most taxpayers, that is to file and pay your taxes (due to April 31st falling on a Sunday)
- If you are self-employed, you (and your spouse) get an automatic extension to FILE your return which is June 15th. Interest starts accumulating on May 2nd. Consequently, you could consider making installment payments prior to April 30th if you expect to pay this year.
Do you have questions or concerns relating to your 2018 tax return?
Come on down to our office at 581-B Des Meurons or contact us here.