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Monthly Archives: December 2015

Year-end tax advices that can save you wealth

Source: BNN
ANALYSIS: It’s the period of charitable, so why not give you a pleasant tax break?
You don’t require filing until the spring, except as the 2015 tax year describes to a close there are things you can do to make it easier and capitalize on savings.
The greatest place to establish is arranging eligible tax credits such as charitable donations, kids’ sports and arts payments, transit passes, education and healthcare expenses.
If you’re happy enough to acquire a year-end-bonus it will almost certainly be taxed in your maximum bracket. You can let alone the tax by placing it in your Registered Retirement Savings Plan earlier than the February 29 deadline. If you don’t have room consider a spouse’s RRSP. That tax return might come in useful paying celebration bills in the New Year.
One more choice for a extra or any other money is a Tax Free Savings Account. There is no deadline to donate, but the donation deadline will be enlarged by $5,500 effective January 1st. That carries the total donation limit to $46,500. Any profits formed in the account are excused from taxation. If you are looking for filing taxes and need tax tips for saving your money, please call our Toronto Tax Accountant at (855) 910-7234
If you’ve gathered equity losses external an RRSP or TFSA, think tax-loss-selling. Any losses can be compensating against investment gains going back three years or forward for ever.
If you want to purchase the similar stock again it’s important to identify the loss does not relate if you buy it back within 30 days.
Tax-loss-sales have to clear up before the end of the year, and that takes three days.

finance

Liberals move to apply income tax cut by January 1

Date: December 08, 2015

Source: Toronto Star

 

Millions of Canadians will obtain a break when they file coming year’s income taxes, the Liberals said as they moved to quickly complete a key election campaign assure.

 

Several couples will find a normal income tax saving of $540 an annum, with single individuals saving $330 annually on average, from the tax changes introduced by Finance Minister Bill Morneau on Monday. If you are looking for tax saving advice or professional Tax Accountant, we are here to help with tax cut.

 

But Canadians getting more than $200,000 a year will see their income tax bill increase as an effect of a higher 33-per cent tax rate, the Liberal government said.

 

Morneau also said the Liberals, in keeping with their election platform, will return the annual donation limit for Tax Free Savings Accounts to $5,500 from the current $10,000 — effective as of 2016.

 

Morneau listed a notice of ways and means action in the Commons to set in motion the plan to have the tax changes effective on Jan 1.

 

During the election campaign, the Liberals said the tax raise on the richest 1 per cent of earners would pay for the “middle-class” tax cut. But the accounting released Monday indicated the tax-reduction measure will cost $1.2 billion a year as of 2016 — which could add to the government’s projected $9.8-billion budget deficit that year.

 

For more information on tax advice, please contact our Toronto Tax Accountant via telephone at (855)-910-7234 or by email at info@rcfinancialgroup.com

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