The tax season is coming! What do you need to notice when filing the tax forms for your 2018 tax year? Here are a few changes you may want to know:

(1)Employee home relocation loan deduction (line 248 of the return)

As of January 1, 2018, this deduction has been eliminated.

(2)Public transit amount

The public transit amount has been eliminated in 2018 – Schedule 1

(3)Donations and Gifts

First-time donor’s super credit has been eliminated in 2018 – Schedule 9

(4) Tuition deduction

The tuition amount was only allowable for eligible tuition fees paid in respect of enrolment before September 5, 2017.

As a result, the textbook and education amounts, as well as textbook and education amounts transferred from a child, or from a spouse or common-law partner, are no longer allowed.

(5)Climate Action Incentive Schedule 14

The Climate Action Incentive is a new refundable credit available as of January 1, 2018.

This federal payment is available only to residents in New Brunswick, Ontario, Manitoba and Saskatchewan on December 31 of the year.

The incentive rates is different from province to province. For Ontario residents

  • Base amount : 154
  • Eligible spouse/common-law : 77
  • Single parent’s dependent : 77
  • Qualified dependent: 38 each