A Few Early Tax Tips for 2018

The end of 2018 is sneaking up on us. Here are a few things that you might want to keep in mind:

NEW TFSA 2019 LIMIT

The TFSA contribution limit for Jan. 2019 is $6,000, up from $5,500 in 2018. With the TFSA limit at $6,000 for next year, the total room available in 2019 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $63,500.

 

Home buyers’ amount:

Did you buy a home? You may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750. Applicable only if you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).

 

Medical expenses threshold:

For the 2018 tax year, the maximum is 3% of net income or $2,302, whichever is less. For 2019, the max is 3% or $2,352, whichever is less.

 

Lifetime capital gains exemption:

The lifetime capital gains exemption is $848,252 in 2018 and increasing to $866,912 in 2019.

 

Children’s fitness tax credit and Children’s arts tax credit have been discontinued for 2018.

 

 

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