10 Tax Tips

Accountant Mississauga

Tax Tip#10 Tax relief

10. Failure to recognize allowable business investment losses (ABIL). Under special circumstances, taxpayers who’ve invested in a small business corporation that has become insolvent or otherwise gone bad may be eligible for tax relief in the form of an ABIL.


April 7, 2009 Posted by | Accountant Mississauga | , | 1 Comment

Tax Tip #7 Transfers to Spouse

7. Unused transfers to spouse. A variety of federal non-refundable tax credits can be transferred between spouses, particularly useful to individuals at a lower income level. Yet taxpayers tend to miss out on claiming certain credits, like the age credit and first $1,000 of pension income, say tax pros.

Another tax credit that taxpayers sometimes miss out on is the equivalent-to-spouse amount.

Although many are aware of the spousal credit, they don’t know that a similar credit exists for single, separated or divorced people who have a dependent relative living with them.

April 7, 2009 Posted by | Accountant Mississauga | , | Leave a comment

Tip #3 Donation credit

3. Inefficient filing of donation credits between spouses. Spouses should combine donation credits to get the most bang for their charity buck. That is significant because the federal non-refundable tax credit rises from 16 per cent to the top tax threshold of 29 per cent when donations exceed $200.

March 3, 2009 Posted by | Accountant CGA | | Leave a comment