Tax Tips

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 →

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 →

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 →

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 →