2004 News & Tax Tips
December 2004
Year End Tax Planning
As the end of the year approaches, along with all of the hustle and bustle of the holiday season, it is wise to consider certain tax matters. Since our personal taxes are calculated on a calendar ye…
November 2004
Clearance Certificates
In the October tax tip we discussed the income tax returns that were necessary when a person passes away. As the legal representative (the executor, administrator or estate trustee) you are responsi…
October 2004
Death of a Taxpayer
When a taxpayer dies, there are special considerations for income tax purposes. An income tax return must be prepared up until the date of death. This is referred to as the terminal return. There ar…
September 2004
Prescribed Rate Loans
In the March and April 2002 tax tips we summarized some methods for reducing the family’s overall tax bill by moving income from the high-income earner to a low-income earner. This month we wi…
August 2004
Disaster Relief – CRA Style
From time to time businesses are affected by natural or human disasters such as floods or fires. When these unfortunate events occur, such as the recent Peterborough flood, businesses can be severel…
July 2004
Registered Retirement Savings Plan (RRSP) Withdrawals
In our December 2003 Tax Tip we discussed the requirement to collapse your RRSP once the annuitant turns 69. However, if you have retired, quit working (voluntarily or involuntarily) or otherwise ha…
June 2004
The May 18, 2004 Ontario Budget
The Honourable Greg Sorbara of the Ontario Liberal Party presented his first budget on May 18, 2004. Considerable radio, television and newspaper coverage has been devoted to this topic. Here is a s…
May 2004
Reducing the Income Tax Deducted from Your Employment Income
Are you one of the people who get a large refund every year when you file your income tax return? You are probably excited about that large cheque coming and have many plans for how to spend it. Man…
April 2004
Medical Expenses
Medical expenses can be used to reduce taxes. Total expenses less 3% of net income (to a maximum of $1,755) are eligible for a non-refundable tax credit that is worth approximately 22% of the amount…
March 2004
Canada Revenue Agency’s “My Account”
Canada Revenue Agency (CRA), formerly Canada Customs and Revenue Agency, has introduced a new service on its website called “My Account”. According to CRA, “My Account is an online…
February 2004
Retiring Allowances and RRSP Contributions
A retiring allowance is defined to be an amount received on or after retirement of a taxpayer from an office or employment in recognition of the taxpayer’s long service or in respect …
January 2004
RRSP Overcontributions
It’s the time of the year when everyone starts thinking about last year’s taxes and how to minimize the shock come tax time. Registered retirement savings plans (RRSPs) are a popular tax…
2004 News
Year End Tax Planning
Clearance Certificates
Death of a Taxpayer
Prescribed Rate Loans
Disaster Relief – CRA Style
Registered Retirement Savings Plan (RRSP) Withdrawals
The May 18, 2004 Ontario Budget
Reducing the Income Tax Deducted from Your Employment Income
Medical Expenses
Canada Revenue Agency’s “My Account”
Retiring Allowances and RRSP Contributions
RRSP Overcontributions
News Archive
Industry News
