Seek professional advise for filing your 2009 income tax returns!
CCRA auditors are more aggressive nowadays!
Posted in Uncategorized
“I wonder if the markets will ever recover?”
People have asked this question many times in the past 150 years and the answer is YES!
Lets go back to history and walk thru all the toughest times and see how much did they recover
Posted in Uncategorized
Beware of what you said in your blog!!
Blog (Web log) eg. Facebook, Hi5, etc. are commonly used to communicate with your friends and clients. But beware as WHAT YOU SAID ON THE BLOG MAY AFFECT YOUR FUTURE!…. AS WHAT YOU WROTE ON THE BLOG CAN BE RETRIEVED BY YOUR POTENTIAL EMPLOYERS, YOUR POTENTIAL COLLEGE THAT YOU WANT TO APPLY FOR OR EVEN THE MEDIA WHEN YOU RUN FOR PUBLIC OFFICE. Using a fake name cannot avoid this dilemma as it is not impossible to tract your real identity in the web. The only way to avoid is not to say anything important on the blog, instead send the recipient an E-MAIL!
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TAX-FREE SAVINGS ACCOUNT (TFSA) effective Jan 1, 2009 New Year Present from P.M. Harper
TFSA is the most significant government savings program since the introduction of the Registered Retirement Savings Plan (RRSP).It’s a great incentive for Canadians to save their money and have the interest grow tax-free.
Everyone can save! | Any Canadian can open a TFSA if they’ve filed a tax return and are 18 years of age or older. |
Earn without taxes! | A TFSA lets you invest without being taxed on interest or investment earnings. |
Contribution room grows. | Initially, your annual contribution room is $5,000 in a calendar year. In future years, the federal government may increase the annual amount in $500 increments to recognize the impact of inflation. |
If you don’t use it, you won’t lose it! | Unused contribution room gets carried over to the next calendar year. There is no limit to how much contribution room can be carried forward. |
Withdrawals don’t impact contribution room. | If you take money out of your TFSA, you don’t lose the contribution room – you get it back in the following calendar year. Your contribution room for the next calendar year will increase to reflect the amount of your withdrawal. |
Keep it simple, consolidate. | While you can hold more than one TFSA across a number of financial institutions, you’ll need to be careful not to over-contribute. Total contributions across all accounts can’t exceed your accumulated contribution room. Each year you’ll be assessed a 1% penalty on the amount you exceed your accumulated contribution room. |
Keep what you earn! | Unlike an RRSP, you don’t deduct your TFSA contributions from income on a tax return. However, the earned interest or growth won’t be taxed. And money you take out of your TFSA won’t affect federal income-tested benefits and credits. |
Help others save! | TFSA contributions are made with after-tax dollars, so you can help your spouse or adult children in setting up their TFSAs. The interest they earn on this gift isn’t taxable to you or them. |
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Guaranteed Retirement Income with GROWTH potential
IncomePlus is an investment tool for investors who would like to recevie a Guaranteed retirement income in the future yet with a potential to Growth the underlining investments inside the Annuity, your potential income stream will increase by 5% for every year that the income is not withdrawn …..
IncomePlus Video by Manulife Financial
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Accounting NEWS
PriceWaterhouseCoopers, the largest accounting firm in the world of which I was articled in the late 70’s, has been named auditor of the Bank of America….. I’m always a proud PWC alumnus!
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Obama vs McCain for US recovery
One of the key factors that lead to the credit crisis is the unregulated trade of derivatives of which Lehman was one of the key players. Obama government will be in a better position to keep this in track!!
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Corporate Changes |
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Personal Changes |
Personal Changes |
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Estate Tax Changes |
Estate Tax Changes |
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