Filing your clients’ 2019 taxes: what’s new and noteworthy

Mar 11 21:03 2020 Print This Article

The Thursday, April 30 tax filing deadline for individuals is coming up fast. Here’s a summary of new limits, new rates, tax changes and new services.

Tax filing season is upon us, and the first thing to note is the filing deadline: Thursday, April 30. For business owners and their spouses, the tax return due date is Monday, June 15. That said, any tax payments are due by the April 30 individual filing deadline.

Below, we list changes to limits, rates, tax credits and Canada Revenue Agency (CRA) services that may affect your clients and their tax returns.

 

New limits and rates

Tax-Free Savings Account (TFSA) limit

The TFSA contribution limit remains unchanged at $6,000 for 2020. Total cumulative annual TFSA contribution room allocated since 2009 is $69,500.

Registered Retirement Savings Plans (RRSPs)

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About Article Author

Trimark Investments Blog

As one of Canada’s leading investment management companies, Trimark Investments is singularly focused on putting investors' interests first. Invesco Canada offers a diversified suite of investment solutions to investors across the country and around the world. The blog is comprised of portfolio managers, who are often asked about their views on various investment-, market- and economy-related topics and how these views impact investment decisions. Trimark Investment blog intends to answer the questions Invesco Canada is frequently asked.

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