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 Federal government tightens mortgage lending rules again
The amount of debt held by the average Canadian has been steadily increasing over the past several years, and much of that debt is secured against home equity. During the same period, a record number of Canadians have become first time home buyers, often by putting forward down payments which are low by historical standards. more...
What’s new on the 2009 tax return?
The one constant in tax is change, and each year’s tax return brings with it a number of changes to personal tax rates, income brackets or personal non-refundable tax credit amounts, entirely new credits which are being claimed for the first time on the current year return, or changes to existing tax credit programs. What follows is an outline of some of the changes which taxpayers will find when they sit down to prepare their 2009 federal tax returns. more...
How to respond to an Instalment Reminder from the CRA
February is the month in which millions of Canadian taxpayers receive a Instalment Reminder from the Canada Revenue Agency (CRA). For many of those taxpayers, who have received many such notices in the past, the Reminder and the tax instalment process are familiar, although not necessarily welcome. For those who are receiving one for the first time, however, both the Reminder itself and figuring out how to deal with it can be baffling. more...
Getting your return in – when and how?
By the end of February or early March, taxpayers will usually have received all of the information needed to prepare their 2009 income tax returns. Issuers of T4s (for employment income) and T5s (for investment income, including interest and dividends) must send such information slips to employees, shareholders, and account holders by the end of February. Self-employed taxpayers, who must calculate their own business income for the year, will certainly be in a position to do so by the end of February. Finally, retirees who receive pension income, either from a former employee or from the Canada Pension Plan or Old Age Security program will have received T4A information slips from the pension plan administrator or the government of Canada documenting that income for 2009.
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The Government’s Mid-Term Report Card (December 2008)
The end of September marks the mid-point of the federal government’s fiscal year, which runs from April 1 to March 31. September 30, 2008 may seem like a very long time ago from a financial and investment standpoint. However, the state of the federal government’s finances at that time may well provide a “benchmark” as the government moves forward into uncertain financial times. more...
Federal Individual Tax Rates and Brackets for 2009 (January 2009)
The indexing factor for federal tax credits and brackets for 2009 is 2.5%. Consequently, the following federal tax rates and brackets will be in effect for individuals for the 2009 tax year: more...
Federal Individual Tax Credits for 2009 (January 2009)
Dollar amounts on which individual non-refundable federal tax credits for 2009 are based, and the actual tax credit claimable, will be as follows: more...
Federal Corporate Tax Rates for 2009 (January 2009)
The general federal corporate tax rate and the rate applied to income from manufacturing and processing will be reduced from 19.5% to 19%, effective January 1, 2009. more...
Employment Insurance Premium Rates for 2009 (January 2009)
The employment insurance premium rate for 2009 is unchanged from the 2008 rate, but the maximum insurance earnings have increased, as follows: more...
Canada Pension Plan Contributions for 2009 (January 2009)
The Canada Pension Plan contribution rate for 2009 is unchanged, at 4.95% of pensionable earnings for the year. more...
Prescribed Interest Rates for the First Quarter of 2009 (January 2009)
Effective from January 1 to March 31, 2009, the following rates of interest will be levied and paid by the Canada Revenue Agency: more...
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