
Latest News
Personal amount:
The basic personal amount has increased to
$10,382.
Age amount:
Age amount for persons 65 years of age or older:
The maximum amount has increased to $6,446.
Working income tax benefit (WITB):
Tax relief provided by increased funding to the
WITB has been enriched for 2010.
Tax Tips
# 1 - Have
Larry prepare your
personal income tax return.
# 2 - Have Larry review your past 3
year tax returns at no cost to you. Only if I get you
refundable amounts from those years will a charge occur
even then you will be advised you of the charge before I
file the request. This is a WIN – WIN situation. Contact
me today to arrange your free tax review.
Many individuals
unfortunately fail to take advantage of all tax
deductions and tax credits that they are entitled to
therefore losing some of their hard earned cash. Listed
below are some of these deductions and credits.
Deductions:
- Pension Income splitting
- Union dues paid direct to unions (not reported on T4)
- All eligible moving expenses
- CMHC Mortgage Insurance on rental properties/units
- Carrying charges on investment accounts
- Safety deposit box rentals
- All eligible vehicle expenses as employment, business or rental activities
- Non capital and capital losses of other years
Tax Credits:
- Public transit amount
- Children’s fitness amount
- Caregiver credit for seniors with low income living in the same dwelling as you
- Medical health and dental premiums paid by you as ‘Group Insurance’
- Many other medical expenses
- Disability Tax Credit.
- Tuition transfers from children or spouses
- Tuition not being claimed by the student because they had no income. By not recording the credits they are not carried forward for future years.
- Accumulated donations for 5 years