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PHILIPPINE ASIAN NEWS TODAY February 1 - 15, 2019
T
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P
.
MS
Birthday: May 14
Place of Birth: Cebu City Philippines
Present City: Burnaby BC
Profession: Registered Nurse
Training: Boxing to build stamina.
Biggest Influence: My mother who is as strong as beautiful as
she is.
Current projects: Member of Mga Talisaynon of Vancouver.
We sponsor 1 unprivileged scholar student to finish school
yearly.
FAV. ACTORS: Jennifer Lawrence and Keannu Reeves
FAV. VOCALISTS: Bruno Mars and Adam Lavine
FAV QUOTE: Life is to short to live it with dramas and despair,
be carefree and do whatever you want as long as you are not
hurting anyone in the process.
(Photo Credit: Christian Cunanan)
Five changes that can
affect your taxes and
savings in 2019
VANCOUVER,
British
Columbia - The tax season doesn’t
just mean filing your income tax
return, but also preparing for the
next one. Getting a head start can
help you better prepare for the
year and reduce the taxes you may
owe. Here are some of changes
you should be aware of for 2019.
Share benefits with your
partner
Expected to launch on March
17, 2019, the parental sharing
benefit will provide an additional
five weeks of benefits when both
parents share these benefits, or an
additional eight weeks for those
who choose the extended parental
benefit option. This incentive
is intended to encourage both
parents to take some leave when
welcoming a new child.
Contribute more to CPP and
less to EI As of January 1, 2019,
our Canada Pension Plan (CPP)
contributions have gone up, and
will continue to increase for the
next four years. At the start of this
year, CCP contributions increased
from 4.95 per cent to 5.1 per cent
on earnings between $3,500 and
$57,400.
If you make an annual salary
of $51,000, you can expect to pay
an additional $71.25 in your 2019
CPP contributions. This amount
will be matched by the employer.
Note that CPP contributions will be
increasing every year until 2023,
when the rate will reach 5.95 per
cent.
Partially offsetting increased
CPP contributions will be a
decrease in Employment Insurance
premiums, which will drop from
$1.66 to $1.62 per $100 of
insurable earnings.
Pay half of your premium
Your B.C. Medical Services
Plan (MSP) premiums will remain
the same this year, after reducing
by half in 2018, and will be fully
eliminated by 2020. A new B.C.
Employer Health Tax is now in
effect to cover the costs of the
MSP premiums.
Save more with your TFSA
Beginning January 1, 2019,
you can contribute up to $6,000
to your Tax-Free Savings Account
(TFSA). If you’ve never contributed
to a TFSA, your lifetime contribution
is up to $63,500.
Claim your speculation and
vacancy tax exemption
Don’t forget to complete
your annual declaration for the
speculation and vacancy tax if you
live in Metro Vancouver, Kelowna,
West Kelowna, parts of the Fraser
Valley, the Capital Regional District,
Nanaimo, or Lantzville. If you share
the property with your partner,
WWW.PHILIPPINEASIANNEWSTODAY.COM
both of you must complete the
declaration by March 31, 2019.
Not
registering
your
household as exempt will result
in an additional tax bill charged
to you this summer, based on the
assessed value of your home.
Be sure to visit CPABC’s RRSP
and Tax Tips at rrspandtaxtips.com
in February 2019 for updated tips
on income tax filing for the 2018
tax year. (Chartered Professional
Accountants of British Columbia
(CPABC)