There is going to be a new tax credit on your 2019 return!
By Weston Sabey, CFP, CPA
Belay CPA LLP
You may recall that as part of the Government of Canada’s climate change plan, Alberta along with a few other provinces, have had a “fuel charge” added to the cost of filling up at the pumps or heating your home for most of 2019. The Climate Action Incentive is the new tax credit that is meant to offset the cost of the fuel charge and put money back into your pocket.
So how does it work? Well, there is a new schedule on your 2019 tax return that calculates your entitlement. The amount you will receive is strictly based on the size of your family. The first adult in the household receives $444, a spouse will bring in $222 and every child adds $111. This means that a nuclear family of four would receive $888 as a credit.
Individuals who reside in rural areas will also have an extra 10 per cent added to their entitlement to make up for the fact that they generally have less options to reduce their fuel consumption such as public transportation in a larger city.
Based on government estimates, the average household will come out $100 ahead thanks to this credit!
If you have questions about your entitlement, if you qualify for the extra 10 per cent or any other tax credits, we would love to help you out.
Agriculture Advisor team answers questions
By Zach Keith, Agriculture Specialist
“Why am I paying so much tax? How do I improve my cash flow? My neighbour just incorporated his farming operation, should I? How am I going to retire and what happens to my land? And what about the future for my kids?”
If any of these questions have popped into your head lately, you’re not alone.
At Avail CPA, our Agriculture Advisor team has heard it all and have the expertise to answer your questions and provide solutions to address them.
We understand every farming operation is diverse, just as every family is different, and every answer and solution our experts provide is just as unique and customized to meet your personal, business, and financial goals.
Our advisors want to work with you to solve your current tax issues, improve cash flows, and meet any challenge that is thrown your way, while also focusing on you and your familys’ future.
Whether it’s developing tax strategies and fixing today’s issues or focusing on your retirement and implementing your vision for succession, the experts at Avail CPA have the answers and solutions you need.