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NEWS FEEDS..... Are you a few years behind in filing your corporate tax returns? It's time to catch up! Contact me to discuss your options. • HST: The 5% GST and the 8% PST are being combined into a single tax called the HST. Starting July 1, 2010, consumers will pay 13% HST on all goods and services which previously only attracted a 5% GST rate. Some items that are exempt from the 8% PST portion are books, children's clothing and footwear, diapers, children's car seats, and feminine hygiene products. Here is a link to the Ontario Ministry of Revenue's page called: "What's Taxable Under the HST and What's Not". In addition, here is a link to the CRA's publication GST/HST Info Sheet - GI-056. • New for 2009: Tax-Free Savings Accounts (TFSA). Anyone over 18 can contribute $5,000 per year and never pay tax on the earnings! With compounding and the ability to replace funds withdrawn, the potential for significant accumulation exist. • Take advantage of the Home Renovations Tax Credit (HRTC). Don't forget to keep all your receipts! For eligible home renovation expenditures made after January 27, 2009 and before February 1, 2010, families will be able to claim a 15% non-refundable tax credit for certain amounts paid to renovate their residence. • Consider selling investments with accrued capital losses so that you can carryback those losses against previous or current capital gains. • Beginning with year ends ending in 2008, small business corporations will enjoy even lower income tax rates on income eligible for the small business deduction. Stay tuned for updates in my tax tips section. • The following expenses are deductible if they are paid before the end of the year: * moving expenses, *child care expenses, *safety deposit box fees, *charitable donations, *political contributions, *medical expenses, *alimony, *union and professional dues, *interest and carrying charges, *transit passes and fitness amounts for children. • Corporate tax returns are due six months after your fiscal year end. For example, June 30, 2010 is the deadline for filing corporate income tax returns with a December 31, 2009 year end. Filing by this date will avoid late-filing penalties. Need help? .... give me a call or fill out my contact form. Welcome to my site! I am a chartered accountant who believes that my clients deserve great service! I provide accounting and tax services to small and mid-sized businesses, individuals, and entrepreneurs. I serve the Toronto, Mississauga, and York Region areas including Thornhill, Richmond Hill, Concord, Markham, Newmarket and Aurora. My services are knowledgeable, professional and affordable. (They're also friendly!) If you are a business owner, entrepreneur or a self-employed individual who is... - tired of not getting your calls returned by your accountant
- tired of feeling like the little guy in a pool of larger clients
- tired of waiting forever to get what you are paying for
- tired of paying expensive accountant's fees that go up every year
Then let me tell you... why you should use my accounting services! There's lots of useful info on the site. Check out the tax tips page for lots of great tips for both corporations and individuals. |
