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Investment income tips for 2010

Capital gains and dividend income are treated differently than other types. 2010 MARGINAL TAX RATES (for various types of investments) Non- Other      Capital    Eligible    Eligible Income   Gains      Dividends Dividends 20.06%   10.03%   -12.59%  4.16%     first $35,859.00 22.70%   11.35%   -8.79%  7.46%     $35,859.00 … Continue reading

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Making the most of retirement income for 2010

Work Pensions Choosing the right option – The choice between whether your spouse will receive any or a certain percent of your pension benefits needs careful consideration.  Basically it is a life insurance decision and it might make more sense … Continue reading

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Canadian tax credits for 2010 – are you making use of them?

2010 PERSONAL TAX CREDITS Calculates the dollars you can earn before attracting the first dollar of tax Unused personal credits may be transferred to your spouse (on Schedule 2) OTHER CREDITS THAT REDUCE TAXES Disability Tax Credit Have your doctor … Continue reading

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2010 marginal federal tax rates for Canada

20.06%   first $35,859.00 (less total personal credits) 22.70%   $35,859.00 – 40,970.00 29.70%   $40,970.00 – 71,719.00 32.50%   $71,719.00 – 81,941.00 36.50%   $81,941.00 – 82,342.00 38.29%   $82,342.00 – 99,987.00 40.70%   $99,987.00 – 127,021.00 43.70%   over $127,021.00 OAS Clawback – essentially an extra … Continue reading

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Are you taking advantage of these benefits programs?

Here are some key benefits programs that you may not be aware of, but which can save you a substantial amount in 2010. Canada Pension Plan (CPP) Types of benefits: retirement, survivor, disability, death, child benefits. You can elect to … Continue reading

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Tax-Free Savings Accounts (TFSA) – 2010 Tax Tips

Beginning in 2009, ever Canadian over 18 can open a TFSA. Up to $5,000.00 can be deposited annually. Contributions to a TSFA will not be deductible for income tax purposes but investment income, including interest, dividends and capital gains earned … Continue reading

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Investing in Property in the US – ask your questions and watch for the answers…

Do I have to file a US tax return? Only if you want to claim your rental business and claim expenses to offset your rental income.  Be wary that you must take depreciation in the US whereas in Canada it … Continue reading

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2010 Tax Tips

2010 Tax Tips – The more you know, the less you owe.
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Which accounting software is best for you?

The age old dilemna whether to use Simply Accounting or Quickbooks. It is very individual.  Some accountants find Simply Accounting easier to work with their corporate clients.  On the other hand clients like the functionality of Quickbooks reporting features. Ask … Continue reading

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What is Collaborative Law?

Collaborative Family Law Practice is a way for you to resolve disputes respectfully – agreeing up front not to go to court – while working with trained professionals.  It’s also called “no-court divorce,” “divorce with dignity,” “peaceful divorce” offering you the support, … Continue reading

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