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While today’s 2019 federal budget contained no tax rate cuts, the government did provide a variety of tax goodies and incentives. Your ability to take advantage of these changes, however, will depend on your particular circumstances. Here are some of the positive tax changes that may benefit you in 2019 and future years.

Canada Training Credit

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Thinking of going back to school and retraining? Then the government’s newest boutique tax credit may be for you. The “Canada Training Credit” (“CTC”) is aimed at providing financial support to help cover up to half of eligible tuition and fees associated with your training. Starting this year, you’ll start to accumulate $250 annually in a notional government tracking account which can be accessed in future years to help cover the costs of training.

In order to accumulate the $250 for a particular tax year, you must file a tax return, be between 25 and 65 years old, be a resident of Canada and have (self-) employment income of $10,000 or more in the year. To ensure it’s not available for higher-income Canadians (who presumably can afford their own tuition), your net income must be less than the top of the third tax bracket ($147,667 in 2019) to qualify.