Blog by Williamson Accounting
  • Tax News & Tips: 2009 Money Saving Strategies

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    There is no better time than at the start of the year to take actions that will minimize your tax bill. Here is a  few ideas to consider:  Maximize contributions to your Registered Retirement Savings Plan (RRSP): The contribution cap for 2009 is $21,000. And don’t forget, you still have until March 2 to max out your 2008 contribution room of $20,000. The sooner you contribute, the sooner the money starts growing  tax-free until you start to withdraw. Consider adding contributions to the usual monthly household payments you make. In return for your contributions you get a tax credit. Split pension income: If you…

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  • Major 2008 Federal And Provincial Changes Affecting Individuals

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Tax-Free Savings Account (TFSA): The 2008 federal budget introduced a new Tax-Free Savings Account (TFSA) which, beginning in 2009, will allow Canadians who are 18 and older to save up to $5,000 per year in the TFSA investment vehicle. Unlike a registered retirement savings plan (RRSP), investors will not be able to deduct contributions to a TFSA for tax purposes; however, investment income, including capital gains earned within the TFSA will not be subject to tax, even when the funds are ultimately withdrawn. Increase in RESP Time Limits: The 2008 federal budget increased by 10 years the time available for contributors, such as…

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