ABC Accountants FAQ
Tax-Filing Tips for 2019 Personal Returns
The April 30 tax-filing deadline for personal income tax returns is
right around the corner, but many Canadians have yet to complete their 2019 returns. If you are
one of them, here are some suggestions to help you through what can be a stressful process. Some
will save you time, some will save your nerves and — best of all — many will even save you
Pension income-splitting – If you received pension income eligible for the pension income credit
in 2019, remember that up to half can be reported in your spouse’s or common-law partner’s tax
return. You’ll reap the greatest benefits if one of you earns significant pension income while the
other has little or no income.
Charitable donations – Unclaimed donations for the last 5 years can be claimed. Since spouses
and common-law partners can claim donations in respect of one another, it makes sense for only
one partner to claim all of the family’s donations. If the family’s annual donation amount is not
high, consider accumulating donations made over a few years, and claim them all in one year to
increase your benefit from the high-rate credit. The donation credit is available for donations made
within the 5 preceding years.
Medical expenses – The claim for medical expenses is limited by an income threshold. In other
words, the lower your net income, the more you can claim in eligible medical expenses. One
spouse or common-law partner can claim medical expenses on behalf of the entire family, so in
most case, it is better to claim all expenses in the lower-income spouse’s return.
New credits for 2019 – Remember to take advantage of the new and/or improved 2019 tax credits
that might apply to you. These include:
• New child tax credit for children under 18.
• New child fitness credit.
• Public transit credit — expanded to include the cost of certain weekly transit passes and
electronic payment cards.
• New investment tax credit for creating child-care spaces.
• Tuition credit — fees paid by students enrolled at a foreign university and taking courses over
the internet now qualify.
Business owners – As a self-employed individual, you can claim a number of business-related
expenses to reduce your tax. Take advantage of all available deductions, including automobile
expenses, parking, business association fees, home office expenses (if you qualify), entertainment,
convention expenses (a maximum of two per year), cell phone, depreciation on your computer and
salaries paid to assistants, including family members. Remember that in most cases, you can
deduct private health-care premiums as a business expense instead of a medical expense, and half
of CPP paid in respect of self-employed earnings is deductible instead of creditable.
Moving during the year – If you moved to start a new job or business, or to go to university or
college, you may be able to claim moving-related expenses. You can claim the actual cost of
moving your personal effects as well as travel costs, including meals and lodging while en route.
Filing tax returns for children – It is often unnecessary for your children to file a tax return, even
though they may have earned income in the year. Nonetheless, in many cases there are benefits in
filing returns for children. If your children had part-time jobs during the year or were paid for
various small jobs, such as babysitting, snow removal or lawn care, by filing a tax return they
report earned income and thus establish contribution room for purposes of making RRSP
contributions. The contributions can be made in any future year.
Allowable business investment losses – If you’ve invested money in a small business
corporation, perhaps to help a friend or family member get started, and all you have to show for
your investment is shares or a note of a worthless corporation, you may be able to claim a loss on
the invested funds. This loss, referred to as a business investment loss, is like a capital loss in that
only half is deductible. However, unlike a capital loss, it can be claimed against any income in the
year, not just capital gains.
Capital losses – Capital losses can only be applied against capital gains, carried back three years
and/or carried forward indefinitely. If you realized a net capital loss and have realized net gains in
any year between 2004 and 2006, inclusive, file a form T1A to carry the loss back to those years
and recover the related tax. Similarly, if you have unused net capital losses from prior years,
remember to apply them against your net taxable capital gains in 2007.
Carryforward amounts – Review your prior-year return and notice of assessment to determine if
you have any carryforward balances that may be used as deductions or credits in your return. Such
carryforward amounts could include unused RRSP contributions, unused tuition education and
textbook amounts, or interest on student loans, capital losses or other losses of prior years,
resource pool balances and investment tax credits.
An important suggestion: Most people who report more than just employment income on their
annual tax return can benefit from having the return prepared or at least reviewed by a professional
advisor. Tax-return information can alert an advisor to a number of potential tax-saving
opportunities that can provide benefits now and for many years to come.
Canada Revenue Agency
The Canada Revenue Agency (CRA) is responsible for the administration of
tax laws for the Government of Canada, and for most provinces and
Business Number (BN) Registration On Line
Register for you Business Number (BN) Online. Contact the CRA office if you
need help determining your eligibility.
CRA Forms and Publications
Search for CRA forms and publications that you need – by form name, number
or description. You can download most of forms and publications.
Payroll Tax Tables for calculating Source Deductions
Download software that will assist you in calculating employee source
deductions (CPP, EI and withholding taxes]. These tables are updated in July
and January of every year.
Human Resources and Skills Development Canada
Human Resources and Skills Development Canada works to improve the
standard of living and the quality of life of all Canadians by promoting a highly
skilled and mobile workforce as well as an efficient and inclusive labour
Application for your Social Insurance Number (SIN)
Open an electronic SIN application form – for you to fill-up, print, and
Canada Pension Plan (CPP) Forms
Search for the CPP forms and applications that you need.
HRSDC Electronic Services
Get information for Seniors, Workers and Employers online, such as
application forms, information slips to view and update of account
Province of Ontario
Visit the Government of Ontario portal for online information and services.
The new site contains a number of features designed to provide easy access
to the information and services you seek.
Ontario Ministry of Revenue
Information on Ontario's taxes and tax assistance programs, as well as
related forms and publications can be accessed by visiting the new Ministry of
Ministry of Government Services Ontario: Ontario Forms and
This site has will provide you with the Ontario Government forms. The forms
are available in various formats including HTML, PDF and Word. Forms on this
site may be viewed, filled-in on screen, printed and sent by regular mail.
Forms that can be submitted online are identified in the form listing under
Workplace Safety and Insurance Board (WSIB)
The Workplace Safety and Insurance Board (WSIB) oversees Ontario's
workplace safety education and training system, provides disability benefits,
monitors the quality of health care, and assists in early and safe return to
Tips, Tools, Traps
• New Income Splitting Opportunities using Annuities
• Capital Gain Election For Investors in Canadian Securities
• Automobile Benefits (Online Calculator)
• Payroll Deductions (Online Calculator)
• Beware Of RRSP "Access Your Money" Schemes
• Beware of scam and scheme calls from pretending
to be CRA agentsoffering “too good to be true” to
avoid paying taxes
ABC Accountants’mission is to provide cost effective, dependable and
quality service bookkeeping, tax preparation, payroll preparation &
management, and accounting to all sectors of industry, commerce, and
individuals. We shall endeavour to provide our services in a comprehensive and
cost-competitive manner, while providing “Customer Advantage &
Response Extraordinaire(CARE)”. Our goal is to help our clients focus on
the things that make their business more profitable.
Accounting, Bookkeeping & Tax Services an established firm of dedicated associated
professionals whose head office is located in Mississauga, Ontario. Together,ABC
Accountantshas provided professional services to clients in the Greater Toronto Area,
suburbs and to some from Ottawa, Kingston, Hamilton and Sudbury in Ontario, Winnepeg,
BC Canada and those working and doing business in the Middle East, for over 19 years.
We provide accounting and business advice to corporate and personal , professionals and
entrepreneur clienteles on tax, accounting and bookkeeping, payroll, personal financial
planning, business plans, set-up and staff training, including other business services our
We are committed to providing close, personal attention to our clients. We take pride that
the assistance our clients receive comes from years of advanced training, technical
experience and financial acumen. Our continuing investment of time and resources in
professional continuing education, computerization and extensive business relationships is
indicative of our commitment to excellence.
We believe in the value of relationships. We view every client relationship like a
partnership, and truly believe that our success is a result of our clients’ success.
Our dedicated and outstanding service to our clients brought us to the web so
as to enable our clients and other browsers find out any timeand anywhere
what service and help our dedicated associates could do for their business and
their personal financial future.
ABC Accountants provides bookkeeping, tax and other business services to
individuals as well as to small and medium-size enterprises(SMEs)in all
industries. We can take complete responsibility for the financial side of your
business, or we can set up and train existing staff. Every business is different,
and we customize our services accordingly.
Included are useful resources such as our online newsletter, informative
articles, answers to usual questions, useful tips and a library of forms and
manuals that are most often used and we think are of interest to our
Please feel free to contact us with any questions or comments you may have,
and we shall endeavour to give our most intelligent answer, and any
suggestion is most welcome.
Our warmest regards.