Project Trident What's New - Corporations What's New - Payroll What's New - International & Olympics 2010 What's New - Seniors Legislation September 14, 2009 HRTC legislation March 12 2009 Bill C-10 Budget Implementation 2009 Feb 2, 2009 Notice and Explanatory Notes 2009 Federal Budget Tax Measures - Commentary Courtesy of McCarthy Tetrault Read the whole article, but here are some highlights: Accelerated CCA - M&P Equipment acquired in 2010 or 2011, 50% straight line accelerated plus and half year rule will apply Computer Equipment & Systems Software - 100% and half year rule will not apply Jan 27, 2009 to Feb 1, 2011 Flow thru's - only Mineral Exploration Credit extended - CEE renunciation and 'grass roots' mineral exploration renounced to an individual (not your RRSP or trust) results in 15% non refundable tax credit to investor, then added to CEE account and if pool goes negative added to income New mandatory efiling of larger corporate returns and for T4's if over 50 employees Home Renovations Tax Credit First Time Home Buyers withdrawal increases to $25,000 First Time Home Buyers Tax Credit of up to $750 RRSP & RRIF - loss carry back on death EI freezes premiums at $1.73 per $100 for 2009 and 2010 Federal Budgets Draft legislation Current Finance Legislation June 18, 2008 Bill C-50 Budget Implementation 2008 Historical Legislation Rates All Rates Tax Rates - Individuals (Fed/Prov&Terr) Corporate tax rates BC Income Taxes - What's New BC Corporation Income Tax Rates BC Tax Professionals Marginal Tax Rates - Individuals Negative marginal tax rate for dividends Government Benefit Plans Alberta, BC and Ontario have health care premiums.   If employers pay some or all of the premiums, those payments are a taxable benefit to the employee.  Private health care plans paid by employees are claimable as a medical expense Vehicles CCA - Reg 1100 Calendar - My Account CPP for employees between 60 and 70 EI CPP Important Dates Dates - Individuals Dates - Business Trusts Penalties Consequences = convictions Late-filing penalty Instalment penalty Penalties (Payroll) Avoid penalties (Corporations) GST/HST - Penalties and interest Administration Legal costs to obtain or alter support IT News October 2002: Costs for enforcing a pre-existing right to support may be deductible. CRA now accepts legal costs of seeking to obtain an increase in support or to make child support non-taxable under the Guidelines are also deductible. IT Technical News # 40 CRA announces changes to its administrative policies for taxable employment benefits in order to reduce a number of administrative difficulties and increase fairness: Overtime Meals and Allowances Provided to Employees Municipality or Metropolitan Area Loyalty Programs Employer Provided Motor Vehicles Required to be Taken Home at Night Non-cash Gifts and Non-cash Awards Surface Transit Passes Provided to Family Members of Transit Employees Tax Measures Child Benefit Programs Make sure that children are registered to take advantage of all the benefits available because the thresholds change. If a child is certified as disabled, different programs like the Child Disability supplements with thresholds of over $157,000 might not be activated because they weren't registered! Working Income Tax Benefit Enhancements to WITB-is it time to re-calculate? Home Renovations Tax Credit Double dip with medical expenses for renovations that qualify Triple dip for expenditures for accommodation in the workplace or capital cost of non principal residence properties! Home Buyer's Plan First Time Home Buyer's Tax Credit Other Budgeted Programs in 2009

 

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