Current Hot Button Issues
Top 5 ways to get ready for 2010 tax season
by George Wilson-Tagoe on 03/03/11
Courtesy of the CRA the following are the top 5 ways to get ready for the 2010 tax season.
1. Claim your credits
a.The children's fitness tax credit is a non-refundable tax credit of up to $75 based on eligible fitness expenses (maximum $500) paid for each child who is under 16 years of age.
b. First-time home buyers can claim a non-refundable tax credit of $750 for the acquisition of a qualifying home.
c. One of a wide range of tax cuts available involve pensions. Each tax year, pensioners can split up to 50% of eligible pension income with their spouse or common-law partner and reduce their overall tax paid.
d. The public transit tax credit is a non-refundable tax credit that helps individuals cover the cost of public transit.
e. Tradespeople can deduct from their income part of the cost of tools purchased throughout the year.
2. Check out other credits below.
a.Individual credits
b. Family credits
c. Seniors credit
d. Persons with disability credits
e. Homeowners credit
f. Students credits
g. Self employed deductions
3. Go Electronics
There are a lot of CRA approved electronics packages out there that can help you with your tax filing.
4. Review the 2010 tax package
http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000g-10e.pdf
5. Stay Connected to the CRA either by phone, or internet.
Government of Canada's Sources of Income
by George Wilson-Tagoe on 11/11/10
According to the Public Accounts of Canada, here are where the government of Canada got its revenues in 2009/2010
| Personal Income taxes |
47.6% |
| Corporate Income tax |
13.9% |
| Non-Resident income tax |
2.4% |
| GST |
12.3% |
| Other taxes and duties |
6.2% |
| E.I. Premiums |
7.7% |
| Other Revenues |
9.9% |
