FAQs on taxes …
Q: How much tax do I have to pay?
A: It depends on your income for the year. Total taxes owing is based on the income brackets you fall under. Here’s a simple chart for you to self check on your marginal tax rates for Canadians who are BC residents:
| 2019 | Federal | BC |
| Income brackets – federal | Tax Rates | Tax Rates |
| ≤ $47,630 | 15.0% | |
| $47,631 – $95,259 | 20.5% | |
| $95,260 – $147,667 | 26.0% | |
| $147,668 – $210,371 | 29.0% | |
| ≥ $210,372 | 33.0% | |
| Income brackets – BC | ||
| ≤ $40,707 | 5.1% | |
| $40,708 – $81,416 | 7.7% | |
| $81,417 – $93,476 | 10.5% | |
| $93,477 – $113,506 | 12.3% | |
| $113,507 – $153,900 | 14.7% | |
| ≥ $153,901 | 16.8% |
Q: When is the deadline for filing my 2019 personal tax return?
A: April 30th, 2020.
June 15th, 2020 if you or your spouse is self employed.
Q: When is the deadline for RRSP contributions to qualify for 2019 claim?
A: March 2nd, 2020.
Q: What are some common deductions I should consider?
A: Gather your 2019 information and proof (ie: receipts) on –
– charitable donations made,
– medical and dental expenses paid,
– childcare expenses paid,
– tuition paid,
– employment expenses paid,
– political contributions,
– investment related expenses such as interest and carrying charges paid,
There are too many other possible claims to list here. To start jotting your memory, review your 2018 tax return to check for items claimed in the past and see if they’re still valid for 2019.
Also review Canada Revenue Agency’s 2019 income tax guide for ‘what’s new’ this year –
https://www.canada.ca/content/dam/cra-arc/formspubs/pub/5000-g/5000-g-c-19e.pdf