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Electronic Filing Dates NetFile is available until January 24, 2020, for filing 2015 to 2018 personal tax returns. EFile is available for the same period, for filing 2015 to 2018 personal tax returns. Hot topics this month: EI benefits denied to employee fired due to misconduct; ... Property flipping - income or capital; Deductions related to employee travel/vehicle expenses; Cannabis as an Eligible medical expense -when cannabis was legalized effective October 17, 2018 it is deductible for tax purposes. If you want to claim it as a medical expense, make sure you have your medical document, and buy from a holder of a licence for sale of cannabis products! 2020 Employment Insurance (EI) Rates The 2020 employee EI rate is reduced to 1.58% from the 2018 rate of 1.62%. The employer rate is 2.212%, down from 2.268%. The maximum insurable earnings (MIE) is increased to $54,200 from the 2019 rate of $53,100. The resulting maximum annual contribution per employee for 2020 is decreased to $856.36 from the 2019 maximum of $860.22, a decrease of 0.2%. Families Canada Child Benefit / Child Disability Benefit / Shared-Custody Parent Proposed legislation will retroactively change the definition of a shared-custody parent to a parent who resides with the qualified dependant at least 40% of the time. See 2019 CCB and CDB payment and threshold amounts. Donating Shares Can Eliminate Capital Gains Capital gains can be eliminated by donating certain types of capital property to qualified charities If you were planning to make a donation of cash but could donate property instead, you can save some taxes. Best to do this by the end of the year if you have investments which have gained substantially! Transferring Capital Losses to a Spouse Capital losses can be transferred to a spouse by utilizing the superficial loss rules. Your spouse must hold the shares for more than 30 days after your disposition before selling the shares. Business Campgrounds and the Small Business Deduction In most cases, a campground owned by a corporation would be considered to be earning property income, and would not be eligible for the small business deduction unless it employed more than 5 full-time employees. Government Alberta 2019 Budget Alberta's new government will table their first budget after the federal election. If you need tax or accounting help, contact our office. Canadian income taxes are getting more complicated every year and you don’t have to tackle your taxes alone. Getting your tax return prepared or reviewed by a professional may save you money and give you the peace of mind that it’s done right. Above topics were from: