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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 →

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 →

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 →

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 →