Children's
fitness tax credit
Starting in 2007, fitness fees for children under age
16 will be eligible for a tax break. |
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"The federal government proposes to allow a non-refundable
tax credit for eligible fees paid by parents to register children
in eligible fitness programs," explains Chartered Accountant
Maureen F. Lafortune, associate partner, KPMG LLP in Sudbury.
The maximum amount that can be claimed is $500, and the credit
will be calculated using the lowest federal tax rate."
Use the Read
More link to view the complete article. |
| AIM
Trimark Investments federal budget analysis 2007 |
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A leader in the timely and thorough preparation of tax information
on a range of issues, AIM Trimark has been providing a customized
analysis of the federal budget for over a decade. Prepared from
within the budget lockup in Ottawa by Jamie Golombek, AIM Trimark's
Vice President of Tax & Estate Planning, the 2007 edition
selectively focuses on several specific budget elements that
will have the biggest impact on your personal finances and investments.
Use the Read
More link to view the complete article. |
| Ontario
budget opens door for Locked-in retirement accounts, adds
to property tax credit and split their pension income |
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The government is proposing to introduce a new life income fund
(LIF) that would increase income for seniors in retirement and
permit up to 25 per cent of the funds to be unlocked. The new
LIF, and other modifications to the rules governing locked-in
accounts, would give seniors who hold locked-in retirement savings
transferred from employment pension plans increased flexibility
in managing their retirement income.
Use the Read
More link to view the complete article. |
| Federal
Budget 2007 - Freedom 71 |
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The minority Conservative government tabled its second Federal
budget. As expected, the budget focused on a mix of social and
environmental spending, along with some tax cuts designed to
benefit low and middle-income Canadians. The federal budget
provided no changes to tax rates in any bracket. Investors will
be disappointed, as the campaign promises that helped bring
this party to power such as the capital gain deferral were not
part of the budget.
Use the Read
More link to view the complete article. |
| Important
information for RRIF/PRIF holders |
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Canada Revenue Agency (CRA) has changed the rules on withholding
tax for payments from a RRIF/PRIF effective January 1, 2007.
Previously, taxes were withheld based on individual withdrawal
amounts. Under the new CRA rules, payments will be taxed based
on the cumulative amount received in that calendar year. Annual
Minimum withdrawal payments will continue to be exempt from
withholding tax.
This change has been implemented and commencing with the February
15th payments the new withholding tax rates were applied. For
the most part, It's believed financial institutions who have
made payments prior to February 15th using the old method are
likely not to make any adjustments to recover the additional
taxes. |
| Pension
Income Splitting |
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Commencing in 2007, Canadian residents receiving pension income
that qualifies for the pension income credit can allocate up
to half of this income to their spouse or common-law partner.
The transferor will deduct the amount allocated and the transferee
will include the amount allocated. Both parties must agree to
the allocation in their tax returns.
Use the Read
More link to view more information. |
| Changes
to Dividend Income and Pension Splitting |
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Recently, the Conservative government announced some very controversial
proposed changes to tax legislation. Most of the media attention
was focused on the taxation of income trusts. Although these
changes are important to investors, the taxation of income trusts
will not come into affect for four years. In the announcement,
here were two other tax announcements about taxation of dividends
and pension splitting that are very important but lacked the
same media attention. Let’s take a deeper look into these
benefits.
Use the Read
More link to view the complete article. |
| The
Changing Face of Retirement |
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When you hear the word retirement, what do you think of? Retirement
today means different things to different people. The whole
concept of retirement is changing right in front of our eyes
and continues to change faster than ever. As you plan for retirement,
it is critically important that you are aware of the changing
landscape of retirement.
Use the Read
More link to view the complete article. |
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Today's
Market Rates |
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Taken from the FiscalAgents.com
Money Centre, as of 3/30/07
| Term
Deposits |
4.08%
|
Annually,
90-119
Days, $50,000 |
| GICs |
4.36%
|
| Annually,
5 Year, $5,000 |
| Maximum
Rate |
4.37%
|
| Annually,
5 Year, $10,000 |
| RRIFs |
4.37%
|
| Annually,
5 Years, $50,000 |
| RRSPs |
4.36%
|
| Annually,
5 Year, $5000 |
| Savings
a/c |
3.85%
|
| Daily |
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Click the link below to view our best-offered rate table.
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Mutual
Fund Statistics:
February 2007 |
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| Assets
under management: |
| $679.9
billion |
| Net
sales (excl.reinv.distr.): |
| $8.0
billion |
| Fund-on-Funds
Assets under management: |
| $98.3
billion |
| Fund-on-Funds
Net Sales (excl.reinv.distr.): |
| $4.0
billion |
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