Reliable Accounting & Tax Services
Tax-Free Savings Account Over-Contributions in 2010
If you receive a letter or TFSA return from Canada Revenue Agency (CRA) asking for further information regarding an apparent over-contribution to your TFSA in 2010, it does not necessarily mean you will have to pay tax on the over-contribution. It is important to respond to CRA within 60 days.
http://www.taxtips.ca/tfsa/overcontributions.htm#tfsanotice
Children’s Arts Tax Credit (CATC)
The Federal 2011 budget proposed a new non-refundable tax credit, beginning in 2011, which would be available to individuals for registration and membership costs of up to $500 per child, for prescribed programs of artistic, cultural, recreational or developmental activity for their children.
http://www.taxtips.ca/filing/childrensartscredit.htm
Changes to the Canada Pension Plan (CPP) for individuals who are at least 60 years of age but under 70
As of January 1, 2012, the rules for contributing to the CPP will change.
Harmonized Sales Tax (HST) Update
Goods and services now taxable at 5% or 13%
Employment Insurance Benefits for Self-Employed People
Beginning in January 2011, self-employed Canadians will be able to access Employment Insurance (EI) special benefits.
Quote of the day...
People can either make money or they can make excuses, but they can't make both at the same time.
Tax Preparation – Reasonable Rates
Preparing your own federal income tax return can be confusing and quite complicated. At Reliable Accounting & Tax Services, you’ll find qualified tax preparers who understand your income tax situation. We offer personalized service to each client in a professional and friendly atmosphere.
Reliable Accounting & Tax Services
50 Gervais Drive, Suite 501
Toronto, ON Canada M3C 1Z3
TEL: (416) 385-1012,1013
FAX: (416) 385-1014