Tax tips to kickstart 2019 for every age group, from teens to seniors

External Author |

Financial Advisory Services in London

Welcome to 2019 — the dawn of a brand new tax year. Here are some tax tips for each age and stage to get you off on the right tax foot for the year ahead.

Teens

Most teens don’t earn enough income to pay any federal or provincial tax. The no-tax threshold for 2019 is $12,069, which is the basic personal amount, meaning that as long as your taxable income is below this level, you won’t owe any tax and generally don’t have to file a tax return.

But just because you don’t have to file, should you?

That depends on whether you had earned any income in 2018 that could create RRSP contribution room that may be used in future years. For example, if you earned $2,000 in 2018 from some weekend babysitting, reffing ice hockey or being a summer camp counsellor, simply filing a tax return will create $360 (18 per cent of earned income) of RRSP contribution room that may be used in any future year when you have taxable income and you could use the tax deduction. Read More...

 

Article Courtesy: https://o.canada.com/personal-finance/taxes/tax-tips-to-kickstart-2019-for-every-age-group-from-teens-to-seniors/wcm/b35a15da-b230-47cb-bdd8-296e0472c901

Source Courtesy: https://o.canada.com

Article was originally published on: January 4, 2019

BACK