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2013 Federal Budget

Finance Minister Jim Flaherty presented the 2013 Federal Budget today.  Jobs, Growth and Long-Term Prosperity the Top Priority of Canada’s Economic Action Plan 2013 Connecting Canadians With Available Jobs by equipping them with the skills and training they require to obtain  high-quality, well-paying jobs. Helping Manufacturers and Businesses Succeed in the Global Economy by enhancing… Keep Reading …

Are you an early tax filer?

My sister Anita is an early filer.  She likes to get her return completed and efiled before I get crazy busy with client returns.  A couple of weeks ago on a Sunday, she dropped by with all her information and we got the return complete, forms signed and efiled.  A week later when I checked… Keep Reading …

RRSP Deadline – March 1, 2013

March 1, 2013 RRSP Deadline Deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2012 tax filing year. To find your RRSP contribution room: – Check your 2011 Notice of Assessment – Go online to the Canada Revenue Agency website to get the amount. You can phone TIPS line http://www.cra-arc.gc.ca/esrvc-srvce/tps/menu-eng.html Or if… Keep Reading …

Healthy Homes Renovation Tax Credit

As a senior 65 years or older in Ontario, you could qualify for a tax credit to help with the cost of making your home safer and more accessible. The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. If you qualify,… Keep Reading …

Mandatory WSIB for the construction industry in Ontario

The Ontario government has changed the law to expand coverage in the construction sector.  The new rules began on January 1, 2013. WSIB coverage is mandatory for the following people who carry on a business in construction: independent operators, sole proprietors, partners in partnerships and executive officers in corporations. For more information and an online… Keep Reading …

New Mileage rates for 2013

Government Announces 2013 Automobile Deduction Limits and Expense Benefit Rates for Business 2013 Automobile deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2013 are as follows: The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus applicable… Keep Reading …

Making a list, checking it twice … Don’t forget the personal tax to do list.

December is a busy month, but make sure to take the time to do some tax and financial planning before the year is done. Make charitable donations before December 31st Make RESP contributions for children or grandchildren Top up your TFSA (tax free savings account) if you haven’t already made your maximum yearly contribution of… Keep Reading …