1. The document provides a summary of 12 tax deductions that are often overlooked or missed by taxpayers, including employment expenses, fitness and arts tax credits for children, transit passes, optimizing deductions with a spouse, the equivalent to spouse exemption, tuition, moving expenses, the home buyers plan (RRSP), income splitting, the disability tax credit, premiums on group health benefits, and interest paid.
2. It also discusses in more detail what each of these deductions are and provides examples to help taxpayers understand if and how they could claim these deductions to reduce their taxes.
3. The document encourages taxpayers to use a tax expert who has the knowledge, experience, and judgment to help ensure taxpayers claim all deductions they
We acquire many of our customers through referrals from
satisfied clients. Beyond the benefit of being able to expand
our business, there are other reasons why we appreciate referrals.
When a client thinks enough of us to recommend
our services to a family member, friend, or co-worker, we
attain a higher quality clientele than those we acquire from
more random marketing efforts.
On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
Payroll Webinar: The A to Z of Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. If garnishments are not handled correctly, you may find yourself facing situations that become extremely costly both financially and emotionally. Courts, federal and state regulations, bureaucracies, lawyers and a multitude of other factors can complicate even the most basic procedures. Add in the emotional turmoil that often accompanies garnishment orders and even small errors can become major disasters.
The reality is that all of the people and entities involved tax levies and other types of creditor garnishments expect action from the payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way! Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly
This PPT has in detail the ways how one can do efficient tax planning. For more information visit https://www.financialhospital.in/tax-planning-seminar.php
This popular session returns in 2015 with 12 new great ideas. There are a number of incentives out there for companies and individuals alike that, unless you are looking specifically for them, they may be overlooked.
We acquire many of our customers through referrals from
satisfied clients. Beyond the benefit of being able to expand
our business, there are other reasons why we appreciate referrals.
When a client thinks enough of us to recommend
our services to a family member, friend, or co-worker, we
attain a higher quality clientele than those we acquire from
more random marketing efforts.
On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
Payroll Webinar: The A to Z of Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. If garnishments are not handled correctly, you may find yourself facing situations that become extremely costly both financially and emotionally. Courts, federal and state regulations, bureaucracies, lawyers and a multitude of other factors can complicate even the most basic procedures. Add in the emotional turmoil that often accompanies garnishment orders and even small errors can become major disasters.
The reality is that all of the people and entities involved tax levies and other types of creditor garnishments expect action from the payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way! Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly
This PPT has in detail the ways how one can do efficient tax planning. For more information visit https://www.financialhospital.in/tax-planning-seminar.php
This popular session returns in 2015 with 12 new great ideas. There are a number of incentives out there for companies and individuals alike that, unless you are looking specifically for them, they may be overlooked.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Assets in a custodial account belong to the minor. Any income
earned in a custodial account is taxed to the minor. A
custodian, usually an adult relative, controls the assets until
the minor reaches the age set by state law (21 in most states).
Assets in a custodial account can be used to pay for education
expenses for the minor.
Payroll Webinar: A to Z of Garnishments Part 1Ascentis
In this three part series on the proper handling and processing of garnishments we will discussed the rules, regulations and requirements as they apply to withholding and paying child support, tax levies, creditor garnishments and others.
In Part 1 we focus on Child Support. Payroll departments must know both the federal laws and the state laws and must determine which one applies to the child support withholding order. In addition to these laws and regulations, the federal rules now require that a standard Income Withholding Order (IWO) be used for all child support withholding garnishments. This webinar will review this form and its requirements. And although the IWO can include all the information necessary to comply with the order, employers must familiarize themselves with both federal and state regulations to avoid penalties and liabilities. Withholding monies for child support is not the only requirement that applies to providing for a child, medical support orders are required to be process by payroll as well. And these orders have their own rules and regulations on both the federal and state level.
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
2016 tax review hints and changes, including PEASE and PEP Limitation, Alternative Minimum Tax (AMT), donations of appreciated capital gain property, qualified charitable distributions, ELOI contracts, net investment income tax (NIIT), Kiddie Tax rates and qualifications, family limited partnerships, tax reform, and the "death tax" provided by a certified CPA.
Affordable Care Act: Preparing for the 2015 Tax ProvisionsSkoda Minotti
This presentation discusses issues that employers who will be subject to the Affordable Care Act must prepare for, including:
1. Determining which employees must be offered coverage
2. Analyzing payroll to determine the amount that can be charged to employees
3. Creating a record to respond to potential IRS assessments of excise tax
Ted Ginsburg, CPA, JD from Skoda Minotti's Employee Benefits group provides an update on the Affordable Care Act (ACA) for employers who were not subject to it in 2015, but are facing IRS filing requirements moving forward.
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
Tax practitioners, as they rightly say, wear many hats; from document sorting to
being a government form translator, and from being a deadline timekeeper to
being a counselor for their clients, they have to do everything during the months
from January through April.
With Tax Season 2019 just around the corner, there is a list of few things that every
tax preparer must have at their disposal to make the most of it when required.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Assets in a custodial account belong to the minor. Any income
earned in a custodial account is taxed to the minor. A
custodian, usually an adult relative, controls the assets until
the minor reaches the age set by state law (21 in most states).
Assets in a custodial account can be used to pay for education
expenses for the minor.
Payroll Webinar: A to Z of Garnishments Part 1Ascentis
In this three part series on the proper handling and processing of garnishments we will discussed the rules, regulations and requirements as they apply to withholding and paying child support, tax levies, creditor garnishments and others.
In Part 1 we focus on Child Support. Payroll departments must know both the federal laws and the state laws and must determine which one applies to the child support withholding order. In addition to these laws and regulations, the federal rules now require that a standard Income Withholding Order (IWO) be used for all child support withholding garnishments. This webinar will review this form and its requirements. And although the IWO can include all the information necessary to comply with the order, employers must familiarize themselves with both federal and state regulations to avoid penalties and liabilities. Withholding monies for child support is not the only requirement that applies to providing for a child, medical support orders are required to be process by payroll as well. And these orders have their own rules and regulations on both the federal and state level.
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
2016 tax review hints and changes, including PEASE and PEP Limitation, Alternative Minimum Tax (AMT), donations of appreciated capital gain property, qualified charitable distributions, ELOI contracts, net investment income tax (NIIT), Kiddie Tax rates and qualifications, family limited partnerships, tax reform, and the "death tax" provided by a certified CPA.
Affordable Care Act: Preparing for the 2015 Tax ProvisionsSkoda Minotti
This presentation discusses issues that employers who will be subject to the Affordable Care Act must prepare for, including:
1. Determining which employees must be offered coverage
2. Analyzing payroll to determine the amount that can be charged to employees
3. Creating a record to respond to potential IRS assessments of excise tax
Ted Ginsburg, CPA, JD from Skoda Minotti's Employee Benefits group provides an update on the Affordable Care Act (ACA) for employers who were not subject to it in 2015, but are facing IRS filing requirements moving forward.
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
Tax practitioners, as they rightly say, wear many hats; from document sorting to
being a government form translator, and from being a deadline timekeeper to
being a counselor for their clients, they have to do everything during the months
from January through April.
With Tax Season 2019 just around the corner, there is a list of few things that every
tax preparer must have at their disposal to make the most of it when required.
Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind when filing your first tax return as a married couple.
Maximizing Your Tax Refund: Strategies to Boost Your ReturnsThe Kalculators
When tax season approaches, many individuals eagerly anticipate receiving a tax refund. A tax refund is the amount of money returned to you by the government when you've paid more in taxes than your actual tax liability. However, to make the most of this opportunity, it's crucial to understand effective strategies for maximizing your tax refund. In this blog post, we will explore several actionable tips that can help you boost your tax refund and put more money back in your pocket.
2021 Tax Savings Ideas for Individuals and Businesses.
This presentation and these materials are designed to provide information in regard to the subject matter
covered. This presentation and these materials are provided solely as a teaching tool, with the
understanding that Stephen Moskowitz, Moskowitz LLP, and the instructor are not engaged in rendering
legal, accounting, or other professional service and that they are not offering such advice in this
presentation and these accompanying materials.
Bunching Tax Deductions to Maximize Their BenefitSarah Cuddy
Bunching expenses, particularly charitable gifts, in one year rather than over multiple can provide added tax benefits, especially after the latest tax law changes. And combining that plan with a donor-advised fund can compound the tax savings.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
2. Why Use a Tax Expert?
Knowledge
* The Income Tax Act is very complicated, as are the myriad of Interpretation Bulletins regarding various tax issues
* Ongoing training is mandatory in order to build sufficient knowledge of existing rules and changes that occur
every year
Experience
* Seeing hundreds of tax returns every year, an expert can easily identify the right questions for each taxpayer
* An expert knows how to find the right answers, and how to apply that knowledge to the benefit of their client
Judgement
3. Why choose Focused Bookkeeping
* We believe every client has the right to minimize their taxes … legitimately
* We apply our knowledge, experience and good judgement to get the best
possible results for every client
* 63% of our new clients have been referred by existing clients … so we
must be doing something right !
* As you see from our clients’ testimonials (www.focused.biz/testimonials),
we strive to help every client feel comfortable and confident in the end-result
* We are pro-active, spending time with each client to plan for the future
5. Client hadn’t filed a tax return in
yearssides to these situations:
There are 2
* Often, employees who catch on filings end up getting refunds. Why leave your
money with Canada Revenue Agency?
* Others who owe money are also faced with accrued interest and penalties. One
recent client owed only $700 … but the penalty was $2,500 because she filed late
every year, and frequently omitted important information
We work with new clients to catch up on all of their tax returns. In certain
situations, we can file a Voluntary Disclosure Application to request that penalties
and interest be waived.
6. Errors from hand-written returns
Our new client has been doing his own tax returns by hand, which is fine in
most circumstances. In his case, the CRA miss-keyed his RRSP contribution
by entering $50,000 instead of the $5,000 that the client reported (and was
confirmed by RRSP contribution slips submitted with the tax return).
The CRA sent out notices that the client had over-contributed to their RRSPs
with a penalty of 1% per month until the situation was resolved. Given that
this error occurred 3 years ago, the penalty was $18,000, and the CRA
wanted payment.
The client had no idea what all this meant. We reviewed the
returns, discovered the error, called the CRA and got everything corrected
and the penalties reversed. The CRA agent said they have seen quite a few
errors of this kind … what ?
7. Moving Expenses
Our client moved from Alberta to BC, incurring quite a bit of costs in the
process. He prepared his own tax return, including the T1-M schedule to
claim the moving expenditures as a deduction. The result was a
refund, which the CRA paid to him. When the CRA looked back on the return
many months later, the disallowed 100% of the claim, insisting that he now
pay back the refund; unfortunately, he had already spent the money.
Moving expense claims are often reviewed by the CRA. If prepared
carefully, following the guidelines, they present a meaningful deduction, and
rightly so. The problem with our new client’s original claim was that he did not
earn income in the new province. We submitted an adjustment to the original
return to carry-forward the moving expenses to the following year, when he
was able to use the full deduction.
9. Summary
1.
Employment Expenses
2.
Fitness and arts tax credits for children
3.
Transit passes
4.
Optimizing deductions with your spouse
5.
Equivalent to spouse exemption
6.
Tuition
7.
Moving expenses
8.
Home buyers plan (RRSP)
9.
Income splitting
10.
Disability Tax credit
11.
Premiums on group health benefits
12.
Interest paid
10. Employment Expenses
If your employer requires you to incur certain expenses for which you will not
be reimbursed, you may be able to deduct part or all of those expenses
against your employment income.
The employer must complete and sign a form T2200 (Conditions of
Employment).
Examples include vehicle expenses (gas, insurance, repairs, parking and
depreciation), telephone, internet, home office (part of your rent, utilities and
insurance), supplies, fees for an assistant, tools and more.
11. Fitness and arts tax credits for children
Parents may claim up to $500 per child for a fitness programs AND up to
$500 per child for arts programs and self-development.
You must keep receipts in order to qualify.
12. Transit passes
You can claim as a deduction 100% of monthly transit passes, provided that
you were not reimbursed for same.
If your employer paid for the transit passes, then they will report that amount
under Box 84 of your T4 slips, which is deductible.
You may share and/or transfer part or all of these deductions to your spouse.
13. Optimizing deductions with your spouse
We meet quite a few new clients who prepare their taxes separately from
their spouse, whether married or common law.
There are many advantages to linking the returns through professional tax
software, before filing the taxes (individually).
Various deductions can be shared and/or transferred between spouses
including medical expenses, donations, transit passes, the child tax
credit, fitness and arts amounts and childcare expenses, tuition and even
splitting of pension income.
This makes it easier to minimize the family tax bill (or maximize the refund).
14. Equivalent to spouse exemption
Single parents with children (under 18) may be entitled to claim an exemption
that would be equivalent to having a dependent spouse.
There are quite a few criteria, but it is worthwhile investigating your eligibility.
We have noticed quite a few single parents are not aware of this exemption
15. Tuition
To claim tuition, the student must have completed part-time or full-time
studies at an accredited educational institution. Details will be provided by
that institution by way of a T2202 or TL11 slip.
In addition, students are given an educational deduction and a textbook
deduction (no receipts required) based on the number of months of part or full
time attendance.
If the student does not earn sufficient income to take advantage of these
deductions in the same year, they can either transfer up to $5,000 to a parent
or spouse … or carry-forward the amount to be used as a deduction in future
tax returns. To transfer tuition, the student must first file a tax return, including
the information about the transfer; only then can the transferee claim the
deduction.
16. Moving expenses
If you move at least 40 km closer to your work or to become a full-time
student, you may be able to deduct part of all of certain qualified moving
expenses, e.g. transportation and storage costs, some travel expenses,
temporary living expenses, costs to maintain old residence, and other
incidental expenses. It is extremely important to keep all of your receipts, as
these claims are often reviewed by the CRA.
The claim is made using schedule T1M, which requires quite a bit of detail,
including your old and new addresses, the name and address of your (new
employer) and the income that is related to this move. Please note that if you
moved for employment (or self-employed), you must have enough reportable
income in that year or you will not be able to use this deduction; however, you
should still complete the form and carry forward the moving expenses to the
next year, when you may be able to use the deduction.
17. Home buyers plan (RRSP)
You can withdraw up to $25,000 from your RRSPs to buy or build a home in
Canada, without incurring withholding taxes, or paying income taxes on the
withdrawal.
You must repay this back into your RRSP within 15 years, with a minimum
annual repayment of 1/15th of the original amount withdrawn.
You can achieve the repayment by contributing to your RRSP, but you won’t
get a deduction for the contribution. If you fail to make the repayment
(contribution), the minimum payment will be added to your taxable income,
thereby increasing your taxes.
We frequently see new clients who have taken advantage of this wonderful
program, but they have mishandled the repayments and the tax filings related
18. Income splitting
Income splitting is a tax-planning technique designed to shift income from a
taxpayer paying a high rate of tax to another taxpayer within the family unit
paying tax at a lower rate. While one must be careful of the rules, there are a
number of permitted ways of splitting income with your spouse or family
members, including:
* self-employed individuals and business owners can pay a reasonable
salary and/or dividend to their spouse and/or children, subject to certain rules.
* you can re-structure your investment and rental income so that is can be
shared with your spouse or other family members.
* you can split your CPP and your pension income with your spouse.
19. Income Splitting (continued)
* you can make a low interest (2% per year) loan to your spouse, so that
he/she can fund investments the income from which will then appear on their
tax return.
* the higher income spouse can setup Tax Free Savings Accounts of up to
$20K per family member.
* you can contribute to a spousal RRSP, which is particularly effective if the
spouses’ future income will be lower than your own.
* capital losses can be transferred to a spouse so that they can apply them
against capital gains, thereby reducing their taxes
20. Disability Tax credit
The disability amount is a non-refundable tax credit of up to $7,697 that a
person with a severe and prolonged impairment in physical or mental
functions can claim to reduce the amount of income tax he or she has to pay
in a year. A supplement is available for persons under 18 years of age at the
end of the year.
In order to qualify, your physician must complete a form T2201, which then is
submitted to the CRA for approval.
21. Premiums on group health benefits
If you are paying part or all of the premiums on a group benefit plan, you may
include these amounts as medical expenses in your tax return.
22. Interest paid
There are quite a few types of interest payments that are
deductible, including:
* interest on student loans,
* interest on loans used to fund qualified investments,
* part of your mortgage interest if you qualified to deduct home office
expenses (as an employee or self-employed person),
* interest on a line of credit or mortgage used to purchase rental
properties, and interest on funds invested in a business.
To qualify, the taxpayer must reasonably expect the borrowed funds will result
in income, which can include interest, dividends, rents, royalties or business
profits. Capital gains don’t count; they aren’t considered income.
23. Call us today at (604) 558-2234
Or email us at
Larson@focused.biz
Address:
#212 – 640 West Broadway
Vancouver, BC, V5Z 1G4
Randy Larson, B.Comm., CBP
President & Founder
Hours:
Monday – Saturday: 9 am – 6
pm