Cathy Mauro

"In the startup phase of my business I needed some challenging questions answered relating to payroll and accounting systems. Rather than spending hours researching it, I let Williamson Accounting handle it – providing clear-cut answers to my issues instantly. As a small start-up I was unsure a professional accounting firm would take time to work with me. But no business is too small for Williamson Accounting and they gave me the one-on-one consultation I needed and great professional guidance. With their help I know I am making smart decisions in handling my business finances."

Cathy Mauro, President, Stand Ease Incorporated

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Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

Tax News & Tips: 2009 Money Saving Strategies

There is no better time than at the start of the year to take actions that will minimize your tax bill. Here is a  few ideas to consider: 

Maximize contributions to your Registered Retirement Savings Plan (RRSP):

The contribution cap for 2009 is $21,000. And don’t forget, you still have until March 2 to max out your 2008 contribution room of $20,000. The sooner you contribute, the sooner the money starts growing  tax-free until you start to withdraw. Consider adding contributions to the usual monthly household payments you make. In return for your contributions you get a tax credit.

Split pension income:

If you received "eligible" pension income last year, it might be worthwhile to split as much as half of it with your spouse or common law partner to lower your taxes. If you are age 65 years or older, eligible money includes:  

1. Income from a Registered Pension Plan (RPP);

2. Annuities from a Registered Retirement Savings Plan (RRSP);

3. Payments from a Registered Retirement Income Fund (RRIF), and

4. The taxable portion of annuities from a superannuation or pension fund  or plan. 

For individuals under the age of 65, qualifying income comprises money from pension plans and superannuation plans, including foreign pensions.

Split taxable income:

You will pay less tax if you make less money, so if you can transfer income to a lower income spouse, common law partner or child your taxable earnings decline. However, the lower income individual must actually perform job-related duties, you must keep employment records, and you must pay a wage or salary commensurate with what you would pay anyone to do the same job. An additional benefit of this strategy is that a hired spouse will be contributing to the Canada Pension Plan (CPP) and be able to contribute to an RRSP.

These are just a few tax saving ideas. There are many more that you may benefit from as a tax payer. Contact us this tax season and ensure you get the tax credits you are entitled.

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We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
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"The optimist proclaims that we live in the best of all possible worlds, and the pessimist fears this is true."

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