Atwater Library - Financial Literacy Info Session - Income Tax - - PowerPoint PPT Presentation

Atwater Library - Financial Literacy

Info Session - Income Tax 2019 Tax Year

Lynn Bennett IQPF-Certified Financial Planner May 12, 2020

Remember…..

The contents of this session are for

information only, not advice for tax or personal

finance planning. For advice relevant to your own situation, consult an accountant, financial planner,

notary or other professional, as appropriate.

*** New*** Tax Filing/Payment Deadlines….

*New* Deadline to File 2019 Return: June 1, 2020 *New * Deadline to Pay 2019 Taxes: Sept 1, 2020

*** New *** as of March 25, 2020

* RRIF Withdrawal *

• Mandatory RIF withdrawal decreased
• 25% reduction
• 2020 only

Search “CRA RRIF REDUCED COVID”

https://www.canada.ca/en/revenue-agency/services/tax/registered-plans- administrators/registered-retirement-savings-plans-registered-retirement-income-funds- rrsps-rrifs/economic-statement-measure-annuitants-rrsp-rrif.html

*** New *** announced May 12, 2020

* Seniors’ benefit *

• $300 - $500, non-taxable
• 1-time payment, not means-tested
• Recipient of OAS / GIS
• No application necessary
• Offset added costs due to pandemic

https://www.canada.ca/en/services/benefits/publicpensions/notice-covid-19/one-time- payment.html

*** Enhanced *** for 2019

*Canada Workers’ Benefit* (former WITB)

• Low income workers
• Govt. pays approx. $1,300 - $2,300 / year
• Depends on family income & situation
• Max. income approx. $23,000 to $36,000
• No application needed, calc’d in tax return
• Disability supplement, if eligible

CRA Line 45300, Schedule 6

*** Caregiver Tax Credit *** (enhanced 2019)

* CCC Tax Credit *

• Spouse / partner / dependent

(physical or mental impairment)

• Claim $2,230 - $7,140
• Form T2201, Disability Tax Credit Certificate

CRA Lines 30300, 30425, 30400, 30450, 30500, & Schedule 5

Tax Tip…. “You must pay taxes. But there’s no law that says you gotta leave a tip.”

– Morgan Stanley advert

• 1. Stay informed
• 2. Maximize:

Benefits, Deductions, Credits

• 3. Minimize:

Tax payable Aim to….

• 1. Where to find tax information?
• 2. How taxes are calculated?
• 3. Deductions & Credits
• 4. Tax filing alternatives
• 5. Questions?

Outline

TAX Guides & Forms

Service Canada office

(Complexe Guy-Favreau, Montreal)

Order online or 1-855-330-3305 CANADA POST (no longer available)

Revenu QC office

(Complexe Desjardins, Montreal)

• r

DESJARDINS Bank (still available?)

Online & Phone Support

http://www.cra-arc.gc.ca 1-800-959-8281 http://www.revenuquebec.ca (514) 864-6299, (418) 659-6299 (800) 267-6299

Federal & Quebec Tax Authority “Accounts”

‘My Account’

CRA https://www.canada.ca/en/revenue-agency/services/e-

services/e-services-individuals/account-individuals.html#partner

RevQC https://www.revenuquebec.ca/en/citizens/my-account-

for-individuals/

& ‘Direct Deposit’

• Retraite Québec (Quebec Pension Plan)

https://www.retraitequebec.gouv.qc.ca/en/Pages/accueil.aspx

• RAMQ (Quebec Health Insurance &

Prescription Drugs)

http://www.ramq.gouv.qc.ca/en/publications/citizens/Pages/pamphlets.aspx

Other QC govt. websites

Globe & Mail:Tim Cestwick, Rob Carrick Mtl Gazette: Jamie Golombek La Presse: Stéphanie Grammond, Marc Tison Moneysense: Dan Bortolotti, Jonathan Chevreau, Evelyn Jacks Tax Tips: TaxTips.ca Also, Bank & Accountant Websites

Journalists / Financial (see list)

How are taxes calculated?

Buzzwords

• ‘Total’ vs ‘Net’ vs ‘Taxable’ Income
• ‘Tax Rates’ &

‘Tax Payable’

• ‘Deductions’ vs ‘Credits’
• Credits: ‘Non-refundable’ vs ‘Refundable’

*** Non-Taxable Income *** (usually)

• Guaranteed Income

Supplement (GIS)

• GST & Solidarity
• Strike pay
• Scholarships
• Child support rec’d
• TFSA withdrawals &

income!

• Life insurance
• Cash gifts received
• Inheritances
• Lottery winnings!

Buzzwords ‘Total Income’ = all income, incl. foreign

e.g. Employment, self-employment, commissions,

tips, rental, investment, business, capital gains, employer pension, CPP, QPP, OAS, RIF/RRSP withdrawals, EI, taxable fellowships / grants, spousal support, other…

(CRA Line 15000, RevQC Line 199)

Buzzwords

‘Net Income’

• Determines eligibility for “means-tested”

benefits & credits

• “Means-tested” = depends on income

i.e., benefit/credit reduced or eliminated for taxpayers with higher income

• examples: GST credit, GIS benefit, Medical expense credit

(CRA Line 23600, RevQC Line 275)

Buzzwords ‘Net Income’ = Total Income – Deductions

• e.g. Pension plan contributions (RRSP, employer,

CPP, QPP, QPIP), split pension amt, investment expenses, QC worker’s deduction, professional & union dues, child care, support payments paid, moving expenses…

(CRA Line 23600, RevQC Line 275)

Buzzwords

‘Taxable Income’ = Net – other deductions

• Used to calculate Tax Payable
• Multiplied by tax rate tables
• e.g. military, police, Northern residents,

prior business/partnership losses…

(CRA Line 26000, RevQC Line 299)

Calculate Taxable Income

• 1. ‘Total’ Income

= All, incl. foreign

• 2. ‘Net’ Income

= Total – Deductions

• 3. ‘Taxable’ Income* = Net – Other deductions

* Taxable Income: used to calculate Tax Payable!

Calculate Tax Payable

Calculate Tax Payable ‘Tax Payable’ = Taxable Income x Tax Rates

• before credits* are applied
• tax rate tables, multiple tax brackets
• different tax rates, CRA & RevQC

*‘Credit’ - reduces Tax Payable

Calculating Refund / Balance Due

Tax Payable – Credits – Taxes Pre-paid* = Refund or Balance Due

If Tax Payable > 0, taxpayer pays balance If Tax Payable < 0, taxpayer receives Refund * Instalments paid, overpayments, tax withheld (RRIF, RRSP, pay slip)…

Recap: Deduction vs. Credit

‘Deduction’ reduces Taxable Income Before Tax Payable is calc’d ‘Credit’ reduces Tax Payable After Tax Payable is calc’d

• Refundable Credit ~ “rebate”
• Non-refundable Credit: subtracted from tax to pay

Recap

Reduce Taxable Income. Use Deductions!

Recap Deductions

e.g. RRSP/pension plan contributions, child care, split pension amt, investment expenses, professional & union dues, support payments, QPP, QPIP, military/ police personnel, Northern resident, business/investment losses, moving expenses, etc.

Recap Reduce Taxes Payable. Use Credits!

Common CREDITS

Common Credits

• Basic Personal Amount & Dependents
• Living alone, if eligible (RevQC)
• GST & PST (Solidarity)
• Medical Expenses
• Tuition, exam fees, loan interest
• Charitable donations
• First Home Buyer, if eligible

• Basic Personal Amount (not means-tested)

CRA = $12,069 (2019), $13,229 (2020) RevQC = $15,269 (2019), $15,532 (2020)

Credit eliminates tax payable for:

• 1st ~ $12,000 taxable income, CRA
• 1st ~ $15,200 taxable income, RevQC

(CRA Line 30000, RevQC Line 350)

• Living alone*, if eligible (RevQC only)
• Living alone or single parent
• means-tested

(RevQC Line 361 & Schedule B)

Common Credits

GST Credit (CRA)

&

Solidarity Credit (RevQC)

GST Tax Credit

• Refundable credit / “Rebate” for Federal Sales Tax
• For low-middle income taxpayers
• Basis: Income & family situation

How to Access?

• Calculated and paid by CRA
• No need to apply
• No GST receipts required

Solidarity Tax Credit

• Refundable credit, “Rebate”, 2 tax types:
• Provincial Sales tax (QC)
• Municipal Property tax, if eligible
• RL-31 form (Renters)
• Property Tax bill (Owners)

Solidarity Tax Credit

• Refundable credit
• Low-middle income taxpayers
• Basis: Income & family situation
• Living alone? Possible extra credit

How to Access?

• Calculated and paid by RevQC
• Schedule “D”, enter details
• No PST receipts required!

Credits

• First Home Buyer’s credit
• Max credit CRA $750, qualifying home
• Max credit RevQC ~ $750, qualifying home
• Can split credit between home owners

Note: Surviving spouse may be eligible

• Marital home owned by deceased only
• Inherit marital home or acquire new home

(CRA Line 31270 RevQC TP-752.HA-V)

Credits Réno Vert credit

• Extended to March 31, 2019
• 20% of expenses over $2500
• Max credit $10,000 per

eligible dwelling

(RevQC Line 462, #32 & TP-1029.RV-V)

Credits

Medical Expenses, if eligible

• Total expenses: taxpayer, spouse & dependents
• Eligible amt = Total expenses - lesser of:
• 3% of Net Income (taxpayer) or
• Specified limit (~ $2,400)
• Advantage: spouse with lower income
• Credit = 15% of eligible amt

Note: RAMQ premium is eligible, following tax year ONLY!

(CRA Line 33099/33199)

Credits

Medical Expenses, if eligible

• Total expenses: taxpayer, spouse & dependents
• Eligible amt = Total expenses - 3% of Net Family Income
• No specified limit
• Credit = 20% of eligible amt

Note: RAMQ premium is eligible, current tax year

(RevQC Line 381)

Common CREDITS for Seniors

• Age amount
• over 65
• means-tested

(CRA Line 30100, RevQC Line 361 & Schedule B)

Common Credits

• Pension income credit, $2000
• Eligible income: RPP, RIF, RRSP, split income,

sometimes annuities

• Generally, NOT ELIGIBLE: Govt, foreign,

non-taxable pension income (CRA Line 31400, RevQC Line 361 & Schedule B)

Pension Sharing

• QPP “sharing”
• Potential tax savings
• Apply to Retraite Québec
• Min 60 years old, both spouses
• Must be already receiving

• Pension income splitting, spouses
• Max 50% of eligible income
• RevQC, must be 65
• CRA, < 65, restrictions on eligible income
• Must be eligible for pension income credit
• Tax returns: can amend, 3 prior years

(CRA T1032, Line 11600, 21000, RevQC Line 245)

Enhanced Credit

• Career extension credit (Experienced worker)
• Min. age 60 (65 in 2015)
• Min income $5,000
• Max Credit: $1,500- $1,650

(RevQC Line 391)

Other Credits

• Home Support services credit
• Min age 70 , QC resident
• Type of dwelling: condo, rented apartment,

house, seniors housing

• Example: house cleaning, gardening,

snow removal, nursing, etc.

(RevQC Schedule J)

Other Credits

• Independent living credit
• Min age 70, QC resident
• Credit = 20% of expenses less $250:
• eligible equipment (hearing aid, bath &

shower, monitors, etc.)

• Rehabilitation centre

(Rev QC Line 462, #24 & Schedule B, Part E)

Other Credits

• Seniors’ Activities Credit
• Max credit $40
• Min age 70
• Net income <= $42,215 Individual
• Activities, min 8 weeks or 5 days
• Receipt

(RevQC Line-462, #28)

• Senior assistance credit:
• Low income, $36,600 couple, $22,500 single
• Min age 70
• Max eligible couple ~ $406/year
• Max single person - $203/year
• No need to apply

RevQC Line 462, #35

Other Credits

Credits

• Municipal Tax subsidy
• Family income <= $52,600
• Min age 65
• Principal residence, min 15 years
• Property value, larger increase than average

RevQC Line 462, #29

CREDITS Disability

Credits

• Disability benefits and credits:
• CRA form T2201
• RevQC form TP-358.0.1-V
• Self, spouse, or dependent

(CRA Lines 31600, 31800, 32600)

https://www.canada.ca/en/revenue-agency/services/forms- publications/publications/rc4064/disability-related-information-2016.html

Credits

• Home accessibility expenses
• Renovations to accommodate disabilities
• Max $1250 credit/year

(CRA Worksheet & Line 31285)

Credits

• Caregiver Credits
• Mental or physical disability
• Spouse or other dependent (eligible)
• Respite care available

(CRA Lines 30300, 30400, 30425, 30450, 30500)

(RevQC Line 462 #2, #20, #21)

Tax Filing Alternatives

• Paper filing by postal mail
• Online Software – DIY
• Assign a Representative

Tax filing alternatives

• Professional Tax filing

Accountant Tax filing service

• Volunteer Tax Filing

Services in Montreal

Tax filing alternatives

Tax Tip….

“ You must pay taxes. But there’s no law that says you gotta leave a tip.”

– Morgan Stanley advert

Questions

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