The 2019 Federal Budget was released on March 19, 2019. The following are a few of the tax highlights that could be relevant to you:
1) There were no personal or corporate rate reductions.
2) A new refundable Canada Training Credit allows you to recover up to half of your eligible tuition costs. A notional account which accumulates $250 per year, to a maximum of $5,000, will be created.
3) RRSP Home Buyers’ Plan withdrawal limit increased from $25,000 to $35,000.
4) A new CMHC Shared Equity Mortgage Program for first-time home buyers. Qualified first-time home buyers will be a 5-10% shared equity mortgage repayable when the property is sold.
5) A $200,000 cap on employee stock option grants for employees of large, long-established, mature firms.
6) A new temporary eligible digital news subscription credit allowing individuals to claim 15% of their eligible digital news subscriptions subject to a cap of $500.