You may not be required by law to file a tax return if you did not earn income during the year or owe tax, however, there are plenty of reasons to file a tax return anyways.
On December 19, 2019 the Department of Finance announced changes to the allowable automobile deduction limits and expense benefit rates.
Individuals 18 years of age and older may deposit up to $6,000 into a Tax-Free Savings Account (TFSA) in 2020. You do not need to have earned income to contribute to a TFSA. Consider a catch-up contribution if you have not contributed the maximum amounts for prior years.
Federal carbon tax will be imposed in Alberta on Jan 1, 2020. Due to Alberta repealing the provincial carbon tax the Federal Government has imposed the federal carbon tax, effective Jan 1, 2020.
Although many of us don’t even think about our personal or corporate taxes until the time comes to file, much of the stress of tax season can be avoided by understanding that your year-end tax bill is not yet set in stone. With a few weeks left in 2019, for most taxpayers there is still time to take action and make decisions that can help plan for, or reduce your final balance owing for the year. The following are some key considerations for both Individuals and private corporations to make before December 31, 2019: