We list the service enhancements and major changes below, including announced income tax changes that were not law when this guide was published. If they become law as proposed, they will be effective for 2019 or as of the dates given.
Capital cost allowance – Two new capital cost allowance (CCA) classes were added for zero-emission vehicles acquired after March 18, 2019. If such vehicles are acquired before 2028, an enhanced first year CCA is available. See Filling out T5013SCH8.
With the introduction of the new CCA measure on zero-emission passenger vehicles, other rules in the Act were added or changed including rules relating to the following:
- bad debts on dispositions (subsections 20(4) and (4.11))
- interest on money borrowed (section 67.2)
- situation where there is more than one owner (section 67.41)
- GST input tax credit and QST input tax refund (subsections 248 (17) and (17.1))
For donations made after March 18, 2019, in order for a property to qualify for the enhanced tax incentives for donations of cultural property, the property no longer needs to be of national importance.
This change also applies for the exemption from capital gains tax for dispositions of cultural property under subparagraph 39(1)(a)(i.1).
Internet file availability
Internet filing is available from January 7, 2019.
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