Income Tax
by admin
Comments Off on Tuition Tax Credit for Students and Parents
Tuition Tax Credit for Students and Parents
We need a well educated work force for Canada to stay an advanced and developed country. Federal Government understands it and that is why they offer extensive tax incentives to go to school and continue higher education.
Even with recession and unemployment, education cost is rising. StatCan estimated that 90% of students faced an increase in cost of going to school.
Students and parents carry the bulk of increased education cost. But these amazing Tuition Tax Credits can reduce this burden somehow.
Anyone registered to go to school and pays tuition, the university or college issues a form T2202A to the student that states the tuition credit they can claim.
more »
Income Tax: Canada CRA payroll tax
by admin
Comments Off on What is Old Age Security Benefits and How to Apply?
What is Old Age Security Benefits and How to Apply?
The Old Age Security (OAS) program provides income security to Canadian seniors who are 65 years or older.
Many Canadians from the Baby Boomer age will be reaching the retirement age starting 2011 and if you are or you know someone who is retiring, let them know about these government benefits available to them.
Old Age Security benefits include:
more »
BC Province HST Income Tax: Canada US Tax
by admin
Comments Off on taxsuppport.ca in B.C. Film Maker Directory
taxsuppport.ca in B.C. Film Maker Directory
Vancouver in the movie making community is also known as Hollywood North.
The B.C. HST is a direct financial incentive for the Hollywood movie making industry to come to B.C. for on location filming. Many TV series and Feature film are being shoot in B.C.
B.C. film industry is supported by a host of companies, providing every kind of support services from snow making to pyro technique works.
A comprehensive listing of these specialized support service companies are indexed and published twice a year by Surrey based print publication company Western Filmmaker.
At Five Star Financial Services, we are pleased to announce our inclusion in the Western Filmmaker Fall 2010 directory as an Accounting and Tax service provider of B.C. film industry.
We are IRS authorized U.S.A. income tax service provider and U.S. Quickbooks Advisor. We are among a group of select companies in B.C. that can provide comprehensive and full cycle accounting and tax service for both the U.S.A and Canada.
BC Province HST Income Tax
by admin
Comments Off on HST! a Lesson Learned by BC Politicians
HST! a Lesson Learned by BC Politicians
TAX! No one liked to be taxed.
Even it’s good for the economy.
BC politicians thought since they understand the goodness of HST, rest of the BC will follow their lead and will accept a 7% tax increase.
Unfortunately they underestimated the BC residences. Power of the people. It is so exciting to see that people’s voice mattered and with that BC residences brought down leaders of both the parties.
Even a bribe of 15% income tax cut by departing Premier could not help him to stay in power.
Updating……
Income Tax: investment
by admin
Comments Off on Why Borrowing to Invest in RRSP is a Bad Idea?
Why Borrowing to Invest in RRSP is a Bad Idea?
RRSP season is coming.
You still have two more months to top up your RRSP contribution. If you have fully used up your RRSP contribution room for 2009, your 2010 RRSP contribution limit will be 18% of your 2009 earned income to a maximum of $22,000. You might have more contribution room if you have unused RRSP from previous years.
RRSP is a tax deferred investment. You do not pay any tax on your RRSP contribution as long as you keep your investment in your RRSP account. Once you start to withdraw money from your RRSP account, it become fully taxable during the year it is withdrawn, except for Home Buyer Plan. HBP is like taking a loan from your RRSP account and you must pay it back. If you do not repay and fill up your RRSP account, unpaid amount is included in your income and is taxable.
more »