Testimonials

Hammad Naseem

 “We started off as a small company and needed assistance with bookkeeping and year-end tax preparation. I am happy to say that within three years, we have enjoyed substantial growth and are well on our way into being a success story. Throughout this growth period, Williamson Accounting has been with us side by side- each month, providing updated financial reports and guidance needed to direct our business and keeping us on track. At the company’s year-end, they have been dependable in providing tax planning we need including issuing and filing T4’s for our employees and corporate and personal tax returns. They are a great resource for any start-up or growing business and we highly recommend their service.”


Hammad Naseem, Co-Founder, Flarian Innovation Inc.

 

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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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Quotable

Jeffery L. Yablon

"Today is the first day of the rest of your taxable year."

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