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Newsletters>
Budget 2009
January 27, 2009
There were miniscule tax cuts netting us a few hundred over the year.
There were some interesting changes:
100% write off for 2 years on computers in Class 50 (good I'll rush out a buy computers so I can add mine to the landfill)
Renovation credits for your home or condo meaning you can't pay cash...and get the credit...what do you mean, I'm not cynical, but this appears to be yet another stab at men with hammers because Contract Reporting didn't even begin to nab the home reno crowd so this is appealing to the home owner's tax greed.
What they should have done was to institute a tax credit for caregivers for persons with a disability, now that would have netted some interesting responses.
Increase from $20,000 to $25,000 for Home Buyers Plan to stimulate the real estate market which is totally stalled at least where I live...
Persons who support or are a person with a disability should re-read the Home Buyer's Plan guide available on the CRA website because there are ways to finance dwellings even if you aren't a first time home buyer if you are a person who supports or a person who is a person with a disability
First time home buyers credit and...
First time home buyers credit extended to persons with Disability Tax Credit
No new medical expenses, and no computers for kids with learning disabilities. Maybe you buy a new computer, write it off 100% and donate your old one to a child with a learning disability instead of tossing it in the landfill at Burns Bog. Oh yes, we can't do that anymore can we?
Last summer I spent some time in Toronto and was appalled to see the state of the roads and sidewalks and generally the deterioration of the infrastructure. Hopefully some of this largesse in building projects will include roadway and sidewalk repairs in downtown Toronto and not just a new hub area, which it does desperately need.
What I particularily found appealing on some base level was this one sentence under Measures to help consumers of financial products:
Establishing an independent tas force to make recommendations on a cohesive national strategy on financial literacy.
I want to be on that task force. Last month I reviewed the provincial math curriculum that espouses to be the tools children need to learn about how to deal with financial affairs. There were pages and pages on how to complete a time sheet succesfully. Then they went on to explain a basic paycheque and how to calculate compound interest. Everyone knows it is a joke and its sad that many people have no idea that investing in the stock market is gambling with their entire capital. Didn't anyone ever tell them that you gamble what you can afford to lose?
Budget 2009 http://www.budget.gc.ca/2009/index.html
Read it for yourself...everyone better have their own shovel ready because we are going to be very busy digging ourselves out of this recession...
Eileen Reppenhagen CGA does not research or endorse any product or service appearing in ads on this site. Before making any major financial decision(s) you should consult a qualified professional.
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