Accountant Toronto (CGA) Certified General Accountant Corporate | Small Business | Personal | Income Tax | Consultation
Newsletter #9 - September 2010
Personal Income Tax
Year End Tax Tips (Cont'd)
Make a contribution to your child’s Registered Education Savings Plan (RESP) before December 31, and the federal government will grant 20 cents for every dollar contributed, up to an annual limit of $500 for a $2,500 contribution (Canada Education Savings Grant)
Make a contribution to a Registered Disabled Savings Plan (RDSP) designed to provide long-term financial security of a child or adult with a disability before December 31, and the federal government will grant 100% to 300% of RDSP contributions, depending on the beneficiary’s family income, to a maximum of $3,500 annually on a $1,500 contribution (Canada Disability Savings Grant), and up to $1,000 annually in Canada Disability Savings Bonds, depending on the beneficiary’s family income
Ontario introduced a Children’s Activity Tax Credit for 2010, based on $500 of expenditures for a child under 16, and includes activities under the federal Children’s Fitness Tax Credit, but also includes non-fitness activities e.g. music, dramatic arts and visual arts, chess, language instruction, tutoring in academic subjects
Expenses for cosmetic purposes will no longer qualify as medical expenses. This only applies at enhancing one’s appearance and will not apply to procedures that are required for medical or reconstructive purposes.
Stay Tuned....
My next newsletter will discuss the principle residence exemption, including a discussion on cottages and ways to pass them
to children.
Notice to Reader
Dean Constand C.G.A. publishes this newsletter for information purposes only. Feel free to distribute to
colleagues and friends. Although the material has been carefully prepared, it is not a substitute for
professional advice.
