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Before making a major financial decision you
should consult a qualified professional.
Account (TFSA) - The tax-free savings accounts will be available
January 1, 2009. Learn about contribution limits, withdrawals, taxes
payable and other details.
Economic Plan - personal tax reductions retroactive to January 1,
2008, accelerated small business tax reductions and several other
changes. Marginal tax rate tables
and Canadian Tax Calculator
revised to include the reduced personal tax rates for 2008.
government services - link added to the Residential Tenancies
Branch, which details the rights and responsibilities of landlords and
tenants. The site also publishes the rent increase guideline, which
has been set at 2.5%, effective January 1, 2009.
US Tax Rates - 2009
tax rate tables are now available, including estate and trust
rates. Estate and trust rates have also been added to the US tax
rate tables for 2008.
- Links added to Canada Pension Plan and Regulations, and Employment
Insurance Act and Regulations.
firms paying employees or self-employed contractors working in Canada
- what tax deductions must be withheld?
Commission employees who are able to claim
expenses should complete a TD1X
form, so that their expenses are taken into consideration in the
calculation of the income taxes deducted from the commission.
Are you working a temporary or part-time job, and will
have low income for the year? File
a TD1 form with your employer so that no income tax will be deducted.
Gazette - Canada's official newspaper, gives you an opportunity
to have a say in all regulations proposed in Canada.
property - Links added to unclaimed property databases in the US, for
those of you who may have unclaimed property there.
We have published our new sister site, www.ustaxtips.net,
which provides US tax, financial and investing information.
Ontario new Life
Income Funds (LIFs) - the Financial Services Commission of Ontario (FSCO)
has published a new document explaining the new LIFs, with new unlocking
provisions, which were available beginning January 1, 2008.
We have updated to December 2007 our table of historical
returns on investments, which includes stocks, bonds, t-bills and, for
comparison, the Canadian CPI. The table now shows returns for 5, 10,
20 and 50 years, where available.
withdrawals - we have made some changes to the ShelterRRSPs.xls
worksheet. Tax rates for Newfoundland & Labrador have been
reduced to the revised rates for 2008, pension income amount for Nunavut
has been increased to $2,000 as per their 2008 budget.
Canada Revenue Agency (CRA) warns of a mail scam, where
Canadians are receiving a letter claiming to come from CRA, and requesting
personal information. See the CRA
tax alert, which also shows a sample of the letter being sent.
Both of the above articles include tax-saving
information regarding the fact that the dollar limits on the expenses
apply per taxpayer, not per patient. If a dependent is financially
supported by more than one taxpayer, each of those taxpayers can claim
up to the limit.
Budget: Higher taxes on dividends eligible for the enhanced dividend tax credit, new
Tax-Free Savings Accounts.
BC Dividend Tax
Credit: Table added showing revised marginal tax rates for
eligible dividends when the BC dividend tax credit rate reduction and
personal tax rate reductions are combined with the federal reduction of
the dividend gross-up.
refund for visitors to Canada - this program was cancelled, but there
are certain circumstances in which the refund is still available for short
term and/or camping accommodations purchased after the cancellation date.
GST/HST: In the article on Who has to collect
GST/HST, added information on "Associates" for purposes of
determining requirements for GST/HST registration, plus a link to a CRA
Individual Pension Plans:
Links added to Federal Court of Appeal cases which upheld CRA's decision
to retroactively revoke the registration of two IPPs to which significant
funds had been transferred years earlier from defined benefit pension