2010 Canadian Tax Tips

Shared Custody – Eligible Dependent, Child Amount and Childcare Expenses

In shared custody situations each parent can claim one eligible dependent amount and one child amount non-refundable tax credit.   Therefore one child each year per parent.  If they can’t agree who takes which child then nobody gets the deductions.  The … Continue reading

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Life changes that can affect your 2010 taxes

Selling the family home? Give thought to how to deal with the proceeds of the sale of a personal residence to go into a rental or care facility situation. 1) Consider the implications of additional investment income – loss of … Continue reading

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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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