2019 Income Tax and Benefit Return
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Pressures for the Harmonization of Income Taxation Between Canada and the United States
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Canada-U.S. Tax Comparisons Volume Author/Editor: John B. Shoven and John Whalley, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-75483-9 Volume URL: http://www.nber.org/books/shov92-1 Conference Date: July 26-27, 1990 Publication Date: January 1992 Chapter Title: Pressures for the Harmonization of Income Taxation between Canada and the United States Chapter Author: Robin Boadway, Neil Bruce Chapter URL: http://www.nber.org/chapters/c7478 Chapter pages in book: (p. 25 - 74) 1 Pressures for the Harmonization of Income Taxation between Canada and the United States Robin Boadway and Neil Bruce 1.1 Introduction: The Question of Tax Harmonization The determination of tax policy is among the most sovereign functions of governments. The choices to be made include of the level of tax revenues to be collected (and hence the level of public sector spending), the economic activities to be taxed (the tax bases and the tax mix), the distribution of the tax burden over different groups and income classes in the country, and the distri- bution of the tax revenues to different levels of government in the country. From an economic point of view, there are a number of criteria that might be used in formulating tax policy. These include minimizing the burden on the population of raising the given amount of revenue, minimizing the administra- tive costs of the tax system both to the government and to the taxpayers, achieving the desired amount of income redistribution, increasing the stability and predictability of the revenue base, and using tax policy as an instrument of industrial and regional policy. -
Living Wage Edmonton 2019
LIVING WAGE EDMONTON 2019 A report to inform the work to end poverty Acknowledgments in a generation. Thank you to Susan Morrissey, Jenn Rossiter, and Justine Published by: Basilan for their feedback and edits on this report. Edmonton Social Planning Council, #200 -10544 106 ST, This report is published by the Edmonton Social Planning Edmonton, Alberta T5H-2X6 Council. Any errors, omissions, and opinions are strictly those of the authors. For a copy of this report, please visit Prepared by Sandra Ngo www.edmontonsocialplanning.ca Design by Diva Communications Inc. ISBN: 978-0-921417-74-3 Licensed under a Creative Commons Attribution- NonCommercial-ShareAlike 4.0 International License. CONTENTS Introduction _______________________________________________________________________ 4 Changes in 2019 ____________________________________________________________________ 5 Advocacy _____________________________________________________________________________ 6 Methods ___________________________________________________________________________ 7 Sources ___________________________________________________________________________ 10 EDMONTON LIVING WAGE 2019 | 3 INTRODUCTION Why a living wage? A living wage is rooted in the belief that individuals and families should not just survive, but live in dignity, and participate in community. The living wage is defined as the hourly wage that a primary income earner must make to provide for themselves, their families, and reach basic financial security. It allows for a higher standard of living than what is included in the Market Basket Measure, which is based on subsistence living. The living wage includes participation in recreation, an extended health and dental plan, and a minor emergency contingency fund. However, it does not include items that would allow families to “get ahead”, such as putting away savings or paying down debt. This is the fifth year that the Edmonton Social Planning Council has calculated Edmonton’s living wage. -
Should the Canada Revenue Agency Also Be a Social Benefits Agency?
canadian tax journal / revue fiscale canadienne (2021) 69:1, 8 7 - 9 8 https://doi.org/10.32721/ctj.2021.69.1.pf.robson Policy Forum: Should the Canada Revenue Agency Also Be a Social Benefits Agency? Jennifer Robson and Saul Schwartz* PRÉCIS L’Agence du revenu du Canada (ARC) joue un rôle important dans le versement de prestations aux Canadiens, mais devrait-on élargir ce rôle? La rapidité et la facilité avec lesquelles l’ARC a lancé plusieurs nouvelles prestations de revenu pendant la pandémie de COVID-19 ont suscité la question de savoir si l’Agence devrait assumer un rôle beaucoup plus important en tant qu’organisme de prestations sociales, en plus de celui de percepteur d’impôts. Nous passons en revue les arguments pour et contre cette question, en notant les faiblesses importantes qui entravent déjà le rôle actuel de l’ARC dans le versement des prestations et qui seraient exacerbées si on élargissait ce rôle. Tout compte fait, nous concluons qu’un rôle élargi n’est pas le meilleur choix. Nous suggérons que l’ARC pourrait plutôt consolider l’une de ses forces — la collecte et le partage de renseignements — afin que d’autres organismes puissent administrer plus efficacement les prestations qui ne sont pas directement liées au régime fiscal. ABSTRACT The Canada Revenue Agency (CRA) plays an important role in the delivery of benefits to Canadians, but should that role be expanded? The speed and ease with which several new income benefits were launched by theCRA during the COVID-19 pandemic have prompted the question of whether the agency should take on a much larger role as a social benefits agency, in addition to tax collector. -
Maximizing Potential Framework for Recovery in a Slow Growth Economy
Maximizing Potential Framework for Recovery in a Slow Growth Economy A Memorandum to select Cabinet Ministers, the Prime Minister’s Office and the Privy Council Office ARMINE YALNIZYAN, LAURELL RITCHIE, and MARY GELLATLY with input from COLETTE MURPHY, GARIMA TALWAR KAPOOR, MORNA BALLANTYNE, KERRY McCUAIG, and NORA COLE September 4, 2020 SUMMARY Throne Speeches are an opportunity to set a vision and a course for the federal government over the near and long terms. The overlapping economic and public health crises caused by the COVID-19 pandemic make this a challenging task, but also one of great opportunity. The purpose of this memo is to provide input into cabinet deliberations leading to the Speech From The Throne, by presenting a framework for Canada’s recovery from COVID-19. The policy recommendations in this memo meet both immediate term and medium term goals: in the immediate term, to get through the pandemic by minimizing health and economic impacts and leaving no one behind; and in the medium term, by addressing challenges of post-pandemic world (slow growth, population aging) through maximizing human and economic potential. Recovery involves several, overlapping economic issues. There will be an increase in on-demand employment, as happens in the wake of every recession. More workers are and will be struggling with income volatility, and not enough paid work. Households and businesses will face more precarious finances. We are in the midst of a ‘she-cession’ and the low availability of childcare will be a chokepoint of a ‘she-covery.’ Additionally, with an aging population, the federal government will need to invest in children and training, or increase immigration to meet labour market demands. -
Canadian Tax Journal Revue Fiscale Canadienne
2020 ■ VOLUME 68, No 4 CANADIAN TAX JOURNAL REVUE FISCALE CANADIENNE PEER-REVIEWED ARTICLES Interest Relief on Income Tax Debts: Canada Versus the United States Michael H. Lubetsky Tax Literacy: A Canadian Perspective Anthony Pham, Antoine Genest-Grégoire, Luc Godbout, and Jean-Herman Guay POLICY FORUM Crisis, Cleanup, and the Prospect of Long-Term Fiscal Change Shirley Tillotson Editors’ Introduction—The GST/HST Responsibilities of Non-Resident E-Commerce Firms Alan Macnaughton and Daniel Sandler The GST/HST Obligations of Non-Resident E-Commerce Firms— Jurisprudence and Policy Nicholas Shatalow Carrying On About Carrying On Business: A Response to “The GST/HST Obligations of Non-Resident E-Commerce Firms” Zvi Halpern-Shavim Much Ado About Doing Not Much: Some Reflections on the Jurisdiction To Tax Business Transactions Malcolm Gammie FEATURES Finances of the Nation: Provincial Debt Sustainability in Canada: Demographics, Federal Transfers, and COVID-19 Trevor Tombe Current Cases: (FCA) Iberville Developments Limited v. Canada; (FCA) Landbouwbedrijf Backx BV v. Canada; (BCCA) Collins Family Trust v. Canada (Attorney General) Kirsten Kjellander, Ryan L. Morris, John Sorensen, Ehsan Wahidie, and Anita Yuk Selected US Tax Developments: New Proposed Regulations Under the Section 1061 Carried Interest Rules Peter A. Glicklich and Gregg M. Benson Current Tax Reading Robin Boadway and Kim Brooks ■ CANADIAN TAX JOURNAL EDITORIAL BOARD/ COMITÉ DE RÉDACTION DE LA REVUE FISCALE CANADIENNE ■ Editors/Rédacteurs en chef Alan Macnaughton Daniel Sandler University of Waterloo EY Law llp Kevin Milligan (on leave) Frances Woolley University of British Columbia Carleton University ■ Practitioners and Academics/Fiscalistes et Universitaires Richard M. Bird University of Toronto Allison Christians McGill University David G. -
Some Examples of Federal, Provincial and Territorial Programs Child, Family and Other Benefits Connected to Tax Filing
Some examples of federal, provincial and territorial programs child, family and other benefits connected to tax filing Federal Canada Child Benefit • Up to $6,639 annually ($553.25 per month) tax free for each child under six and $5,602 annually ($466.83 per month) for children age 6 to 17, reduced for income above $31,120. • Payments sent out on the 20th of each month starting in July, along with related additional payments from provinces and territories. Child Disability Benefit • An additional $2,832 annually ($236 monthly), included with monthly CCB, reduced for family income above $67,426. Guaranteed Income Supplement (GIS) • Up to $10,997 annually (for 2019/20) or $916.38 monthly for low for Seniors income seniors, reduced for individual income over $18,600 and combined income over $25,000 or $45,000 depending on circumstances. • Monthly payments included with Old Age Security (OAS) payments made close to the end of each month. GST Low Income Credit • Up to $443 annually for individuals, $580 for a couple, and $153 for each child, reduced for income over $37,789 • Sent out quarterly, with first payment 5 July, along with related additional payments from provinces and territories. Climate Action Incentive Payments • Up to $444 for an individual, $222 for a spouse and $111 per child for residents of Alberta, with lower amounts for residents of Saskatchewan, Manitoba and Ontario, plus 10% more for residents of small and rural communities. • Payments made with tax returns. Canada Workers Benefit • Up to $1,355 for single individuals and $2,335 for families and an additional $700 for those with disabilities, reduced for income above $12,820 for individuals. -
List of Common Benefits and Credits
List of common benefits and credits Benefits and refundable tax credits help with your living expenses by adding to your income. Whether you qualify and how much you receive depends on your income which is determined by filing your taxes and on other factors such as your age. The Government of Canada website has a Benefit Finder tool that you can use to help you find the benefits and services that you can receive. See a list of some of the common benefits and credits below. Benefits and credits accessed by tax filing Even if you have no income or do not owe taxes, it is important to keep up to date with filing your taxes. Filing a tax return is the only way to apply to many benefits and credits or to make sure that your payments continue. Here are some of the benefits and refundable tax credits that require tax filing to access or to continue receiving payment: • Canada workers benefit (CWB) and • Home renovation tax credit for seniors and disability supplement persons with disabilities – British Columbia • Canada Education Savings Grant (CESG) only • Canada learning bond (CLB) • New Brunswick’s Seniors’ Home Renovation • Child fitness tax credit – Yukon only Tax Credit – New Brunswick only • Climate action incentive (CAI) • Old age security (OAS) • GST/HST credit • Ontario energy support program (OESP) – Ontario only • GST/HST rebate for employees and partners • Ontario trillium benefit (OTB) – Ontario only • Guaranteed income supplement (GIS) • Refundable medical expense supplement • Other tax credits by province or territory Social assistance programs Each province and territory offer programs that provide financial help to people living on a low income. -
Michael's Newsletter
A Message from Michael Dear residents of Wellington-Halton Hills, As income tax season approaches, you will want to be aware of all your eligible benefits and credits. Many Canadians do not claim the benefits and credits for which they are eligible. This Tax Guide includes some of the tax savings you may be able to claim. If you received the Canada Emergency Response Benefit (CERB) or other benefits in 2020, they are considered taxable income by the Canada Revenue Agency (CRA) as no deductions were taken. Be prepared for a tax bill of up to 15-20% of benefits received, depending on your overall income level. For general information on COVID-19 and for information on the economic response plan, visit canada.ca/coronavirus or call the coronavirus information line at (833) 784-4397. If you believe you have COVID-19 symptoms, please contact your health care provider, public health agency, or Telehealth Ontario at (866) 797-0000. Please feel free to contact my office with any comments or questions you may have. Sincerely, Michael Chong Contact the Canada Revenue Agency at 1-800-267-6999 or visit www.canada.ca/en/revenue-agency for more information. All models depicted in this publication were chosen for illustrative purposes only. 2 Support for Individuals Impacted by COVID-19 Employment Insurance............................................................... 4 Canada Recovery Benefit ......................................................... 4 Canada Recovery Sickness Benefit ........................................... 4 Canada Recovery Caregiving Benefit ......................................... 4 Savings for All Canadians Goods and Services Tax (GST) Credit ....................................... 5 Medical Expense Deductions ................................................... 5 Climate Action Incentive ............................................................. 6 Simplified Home Office Tax Credit for 2020 .............................. -
Benefits and Credit Information for Indigenous Peoples
Benefits and credits Information for Indigenous peoples RC656 Table of contents 1. Is this information for you? ...............................................................................................1 2. Benefits and credits ..........................................................................................................1 Canada child benefit .................................................................................................................................... 2 GST/HST credit ................................................................................................................................................. 3 Disability tax credit ......................................................................................................................................... 4 Child disability benefit .................................................................................................................................... 4 Canada workers benefit, formerly known as the working income tax benefit....................................... 5 Climate action incentive ............................................................................................................................... 5 Provincial and territorial programs ............................................................................................................... 6 3. To continue getting your payments ................................................................................6 Do your taxes ................................................................................................................................................. -
The Individual and Tax Reform in Canada
THE INDIVIDUAL AND TAX REFORM IN CANADA GORDON BALE* Kingston, Ont. The long-awaited White Paper entitled Proposals for Tax Reform' was released on November 7th, 1969. It is far more faithful to the Report of the Royal Commission on Taxation,' more fre- quently referred to as the Carter Report after its chairman, than was generally anticipated. Yet, in spite of this, the White Paper was generally received with equanimity and the stock market initially at least greeted it with enthusiasm.' This reaction is, in part, a result of the mass educational experience in the field of taxa- tion which was initiated by the Carter Report. It is a great tribute to the quality of the Carter Report. This lucid and bold work of scholarship prompted much controversy and debate. The compel- ling logic of the Report and the pre-eminent place accorded to equity appear to have prevailed over many of its critics. This was clearly illustrated by the predominantly cool and critical recep- tion which was accorded to the Report by the Senate Banking, Trade and Commerce Committee on the White Paper which was released in September, 1970.4 The Canadian public apparently expects to see some fundamental tax reform and will not be *Gordon Bale, of the Faculty of Law, Queen's University, Kingston, Ontario. 1 Proposals for Tax Reform (Ottawa, Queen's Printer, 1969), herein- after cited as White Paper. 'Report of the Royal Commission on Taxation (Ottawa, Queen's Printer, 1966), hereinafter cited as Report. 'The Toronto Globe and Mail, November 11th, 1969, p. B14 reported that: "The largest price rise on record yesterday sent stocks on the Toronto Stock Exchange to their highest level since June 10th. -
Islamic Perspectives on Basic Income
Islamic Perspectives on Basic Income Abdullah Al-Shami and Katherine Bullock Abstract This article presents Islamic perspectives on the concept of Basic Income, and examines its emergence with the first Islamic society established at the time of the Prophet Muhammad. The scope of this research is to provide a historical account of Islamic society’s and Qur’anic foundations of social justice; to provide Islamic defi- nitions of the concepts involved in the Basic Income debate (such as wealth, poverty, and work); and to discuss the Islamic approach to Basic Income. Finally, the research will consider Islamic perspec- tives on the role of charity and the use of natural resources as sourc- es of revenue to fund Basic Income. Introduction: Provision of Basic Income and Islamic Approaches As governments strive to address growing inequality, the shortcomings of the welfare state, technological challenges to the labor-force, the rise of the precariat, and the changing nature of work in the twenty-first century, the Abdullah Al-Shami is a Professor of Arabic and Islamic Studies and now research fellow at The Tessellate Institute, a non-profit research institute in Canada. He -ob tained his ILB in Islamic Law, ILM Degree in Comparative Islamic Jurisprudence from Saudi Arabia, and PhD in Comparative Islamic Jurisprudence from the Uni- versity of Manchester, UK. He has written and edited over ten books and over 60 research articles on Islamic Law and Islamic Studies. Katherine Bullock, Research Advisor at The Tessellate Institute, received her PhD in political science from the University of Toronto (1999). She is a Lecturer in the Department of Political Science, University of Toronto at Mississauga. -
Why Are There Tax Havens?
William & Mary Law Review Volume 52 (2010-2011) Issue 3 Article 5 December 2010 Why Are There Tax Havens? Adam H. Rosenzweig Follow this and additional works at: https://scholarship.law.wm.edu/wmlr Part of the Tax Law Commons Repository Citation Adam H. Rosenzweig, Why Are There Tax Havens?, 52 Wm. & Mary L. Rev. 923 (2010), https://scholarship.law.wm.edu/wmlr/vol52/iss3/5 Copyright c 2010 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/wmlr WHY ARE THERE TAX HAVENS? ADAM H. ROSENZWEIG* ABSTRACT Recently, the issue of tax havens has risen to the fore of the fiscal policy debate, with tax havens being singled out as the root cause of many of the fiscal shortfalls plaguing the governments of the world. Surprisingly, however, although there has been a fair amount of literature on why tax havens are harmful to the modern interna- tional tax regime, which countries become tax havens, and what means are available to combat tax havens, there has been less written specifically on the underlying question of why, notwithstanding all these points, tax havens exist in the first place, or why they persist in the face of such overwhelming criticism. This Article will fill that gap by directly confronting the question: why are there tax havens? To this end, this Article will propose for the first time that the focus of the international tax laws of wealthier countries, such as the United States, on capital neutrality—or making the flow of capital across borders easier and cheaper—can actually create or exacerbate the incentives necessary for poorer countries to act as tax havens.