By Liz O'Dowd on March 6, 2012 
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One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as van, bus, pickup truck, station wagon, SUV or other truck). Many individuals use their automobile for work or business and incur… {Read more}
By Liz O'Dowd on March 6, 2012 Leave a comment
A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although… {Read more}
By admin on February 14, 2012 Leave a comment
The Canada Revenue Agency (CRA) will revoke the charitable registration of Escarpment Biosphere Foundation Inc., a Toronto area charity. The notice of revocation will be published in the Canada Gazette with an effective date of February 11, 2012. On January 3,… {Read more}
By admin on February 14, 2012 Leave a comment
The Ontario government is moving forward with a responsible plan to eliminate the deficit so that more jobs are created and the economy continues to grow. Since the introduction of the 2011 Budget, growth in the global economy has slowed…. {Read more}
By admin on February 14, 2012 Leave a comment
There are some types of employment payments and other payments from which CPP or QPP contributions do not have to be deducted. Also, if a person has more than one employer in the year and earns total employment income which… {Read more}
By admin on February 8, 2012 Leave a comment
On January 1, 2012, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.8%. The Canada Child Tax Benefit and the goods and services tax credit will take… {Read more}
By admin on February 8, 2012 Leave a comment
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA… {Read more}
By admin on February 8, 2012 Leave a comment
CPP/QPP – 2012 Year’s Maximum Pensionable Earnings $50,100.00 Year’s Basic Exemption (by pay period type): Annual $3,500.00 Monthly (12) $291.66 Semi-Monthly (24) $145.83 Bi-Weekly (26) $134.61 Weekly (52) $67.30 Maximum Contributory Earnings $46,600.00 Contribution Rate—Employee/Employer 4.95% Contribution Rate—Self-Employed 9.90% Maximum… {Read more}
By admin on January 24, 2012 Leave a comment
The McGuinty government remains focused on jobs and the economy. Despite uncertainty around the world, Ontario’s real Gross Domestic Product (GDP) rose 0.7 per cent (2.7 per cent annualized) in the third quarter (July to September 2011). Provincial GDP has… {Read more}
By admin on January 24, 2012 Leave a comment
The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2012 will be $50,100—up from $48,300 in 2011. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages… {Read more}