Full Service Accounting Firm with Old Fashioned Values

Proudly serving clients across Durham Region, Toronto and the GTA.

Property Tax Seminar

February 13th, 2017

We are hosting a free property tax seminar in the month of March for both the Uxbridge and Port Perry area with guest speaker Michael Porporo from MPAC. We encourage attendance for anyone interested in learning more about their property taxes, be it for your own personal, commercial rental or other properties. Details can be found on the flyer linked below.

Property Tax Seminar

“MPAC Reassessments – Understanding the valuation and appeal processes”

January 8th, 2013

The Scugog Chamber of Commerce will be hosting Property Tax Assessment Consultant expert – Paul Grosman at the Scugog Memorial Library in the evening on January 23rd, 2013. Mr. Grosman will be providing an overview of how MPAC determines the value of commercial and residential properties. Mr. Grosman will also discuss the options available to property owners to correct errors  in their assessments, from Request for Reconsideration, to an appeal with the Ontario Assessment Review Board. Also of interest to many are the property tax rebates available for vacancies, charities, demolitions, renovations or other property changes in order to reduce taxes and recover overpayments.

Please click on the link below for all the details on the speaker and how you can sign up.

Scugog Chamber Paul Grosman MPAC 2013 Jan

Tax Free Savings Account

December 17th, 2012

The Tax-Free Savings Account (TFSA) allows Canadians, age 18 and over, to set money aside tax-free throughout their lifetime.  Each calender year since the inception in 2009 you were able to contribute up to $5,000 each year.  So if you haven’t contributed to date, you can contribute any unused TFSA contribution room from the previous years.  As well, if you haven withdrawn amounts from your TFSA, withdrawals will be added to your TFSA contribution room at the beginning of the following year.

Please note the following change! Commencing in January 2013, the annual TFSA dollar limit is $5,500!  Remember that all income earned and withdrawals from a TFSA are generally tax-free.  Plus having a TFSA does not impact federal benefits and credits.  It’s a great way to save for short and long-term goals.

Healthy Home Renovation Tax Credit

December 13th, 2012

 

The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them.  If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return.  The amount of money you get back for these expenses is calculated as 15 percent of the eligible expenses you claim.  For example, if you spend and then claim $10,000 worth of eligible expenses, you could get $1,500 back.

Visit the website for more information!

http://www.ontario.ca/taxes-and-benefits/healthy-homes-renovation-tax credit

Examples of work that qualifies:

 

Canada Pension Plan Changes

December 4th, 2012

CPP Pension changes if you start your pension before age 65

The CPP reduces your pension amount by a set percentage for each month that you take it before age 65, calculated from the time you begin receiving your pension.  For example, if you have taken your pension at age 60 in 2011 (60 months before age 65) the reduction would have been 0.5% per month, for a maximum reduction of 30%. From 2012 to 2016, this early pension reduction will gradually increase from 0.52% to 0.6% per month.  This means that if you start receiving your CPP pension in 2016 at age 60, your pension amount will be 36% less than it would have been had you taken it at age 65.  Therefore, if you are intending to take your pension earlier, it would likely be more beneficial to have it commence in December instead of January, due to the increasing rates of reduction of your pension.  You should contact Service Canada to verify your entitlements, and compare the amounts you would receive if you take your pension in December instead of January.

Canada Pension Plan (CPP) toll free number is 1-800-277-9914
 

Tax Credits – Medical Expenses

November 22nd, 2012

Are you aware of the rules surrounding medical expenses?  If you travel more than 40 km to a specialist, hospital visit, or any type of medical treatment you can claim the mileage and parking.  If you are travelling more than 80 km for the same purpose, you can claim hotel bills, and meals.

Did you also know that an air conditioner may be a medical expense for someone who has a breathing condition?  There are many other medical expenses that are missed because a taxpayer is not aware of the rules of eligibility.

Tax Credits – Disability Tax Credit

November 14th, 2012

Disability Tax Credit

As the population is aging, many taxpayers are taking care of loved ones in their homes.  The caregiver tax credits can help in some cases, but don’t forget about the Disability Tax Credit.  The name may be a bit of a misnomer.  Many taxpayers think of a “disability” in the traditional sense of the word — for instance, someone who is visually or hearing-impaired, or paraplegic, etc.  However, the more generous definition from the Canada Revenue Agency also includes those who are receiving life-sustaining treatment (e.g. dialysis), someone who does not have the necessary mental functions (e.g. Alzheimers or dementia) or someone who is markedly restricted in their daily activities (e.g. cannot walk 100 meters without assistance or stopping and rest).

Tax Planning for the end of the year!

October 31st, 2012

It’s getting close to the end of 2012, so what can you do to lower your tax bill?

Investments

It was a better for many investments in 2012, and you may have sold some investments and now have some capital gains to record on your income tax return.  If you have any investments with losses, you can sell these, to offset the tax on the investments with gains.  However, in order to  not have this loss denied by the Canada Revenue Agency, you must not acquire identical investments during the period 30 days before and ending 30 days after the date the investments are sold.

 RRSP

If you turned 71 in 2012, you are still able to contribute to your own RRSP until December 31st if you have sufficient contribution room.  After December 31st of the year you turn 71, you can contribute, up to your RRSP contribution limit, to a spousal RRSP or common-law partner RRSP, if your spouse or common-law partner is 71 or younger on December 31st of the year you make the contribution.

Sole Proprietorships

If you are a sole proprietorship and are considering making a capital purchase for business use, then consider buying it before the end of the year rather than at the beginning of the following year.  This will accelerate the capital cost allowance claim by one year.  For employees who are required to use their own vehicle for employment purposes (T2200 completed by their employer), this also applies to you if you are considering a new vehicle purchase!