Blog

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.

Major 2008 Federal and Provincial Changes Affecting Individuals

Tax-Free Savings Account (TFSA):

The 2008 federal budget introduced a new Tax-Free Savings Account (TFSA) which, beginning in 2009, will allow Canadians who are 18 and older to save up to $5,000 per year in the TFSA investment vehicle. Unlike a registered retirement savings plan (RRSP), investors will not be able to deduct contributions to a TFSA for tax purposes; however, investment income, including capital gains earned within the TFSA will not be subject to tax, even when the funds are ultimately withdrawn.

Tax Arrears Cleanup and Filing

By now, as a Small Business Owner you are way into your spring cleanup plans from filing and paper work to updating computer system to changing office furniture. But while you are doing that, have you giving some thought to outstanding tax filing of prior years?

This will need cleanup also. Why not put the breaks on and attend to those more critical issues first? Outstanding taxes filing could cause you and your company much headache in the form of interest and penalty.

Image1
Image
Image
Image
Image
Image

Williamson Accounting is a firm that provides a high standard of accounting for Small Businesses in the Greater Toronto and Surrounding areas.

Small Business Accounting and Tax Solutions

QUOTABLE QUOTES
Visit US
Location:

211 Consumers Road
Suite 203
Toronto
ON, M2J 4G8

Phone:

416-444-8747

E-mail: