Working Income Tax Benefit by Accountant Brampton
The person must to file taxes every year in order to qualify for WITB by your Tax Accountant at Brampton . The WITB is for low-income individuals and families who have earned income from employment or business. To find out if you can claim the WITB, see Schedule 6 – Working Income Tax Benefit. The WITB consists of a basic amount and a disability supplement. Complete Schedule 6 to calculate the basic WITB and, if applicable, the WITB disability supplement to which you may be entitled. If you had an eligible spouse, only one of you can claim the basic WITB.
Tax Accountant
The person who receives the WITB advance payments is the person who must claim the basic WITB for the year. If you had an eligible dependant, you and another person cannot both claim the basic WITB for that same eligible dependant. If you had an eligible spouse, and one of you qualifies for the disability amount, that person should claim both the basic WITB and the WITB disability supplement.
If you had an eligible spouse and both of you qualify for the disability amount, only one of you can claim the basic WITB. However, each of you must claim the WITB disability supplement on a separate Schedule 6.
Eligible spouse – For the purpose of the WITB, an eligible spouse is a person who meets all the following conditions:
• was your spouse or common-law partner on December 31, 2010;
• was a resident of Canada throughout 2010;
• was not enrolled as a full-time student at a designated educational institution for a total of more than 13 weeks in the year, unless he or she had an eligible dependant at the end of the year; and
• was not confined to a prison or similar institution for a period of 90 days or more during the year.
Eligible dependant – For the purpose of the WITB, an eligible dependant is a person who meets all the following conditions. He or she:
• was your or your spouse’s or common-law partner’s child;
• was under 19 years of age and lived with you on December 31, 2010; and
• was not eligible for the WITB for 2010.
Net income level where the recipient is not eligible to
receive the Working Income Tax Benefit (WITB)
2011
tax year
|
Canada (excluding |
Quebec |
British Columbia |
Nunavut |
Alberta |
|
| Family with children |
$26,218 |
$21,056.14 |
$26,764 |
$40,800 |
$25,601 |
| Family without children |
$26,218 |
$28,411.14 |
$26,764 |
$40,800 |
$25,601 |
| Single with children |
$17,004 |
$15,221.59 |
$18,631 |
$35,202 |
$18,088 |
| Single without children |
$17,004 |
$18,457.54 |
$18,631 |
$35,202 |
$18,088 |
Net income level
where the recipient is not eligible to receive the WITB disability supplement
2011
tax year
|
Canada (excluding |
Quebec |
British Columbia |
Nunavut |
Alberta |
|
| Family with children |
$29,363 |
$23,498.29 |
$29,850 |
$42,776 |
$28,751 |
| Family without children |
$29,363 |
$30,853.29 |
$29,850 |
$42,776 |
$28,751 |
| Single with children |
$20,149 |
$17,663.74 |
$21,720 |
$37,166 |
$21,236 |
| Single without children |
$20,149 |
$20,899.69 |
$21,720 |
$37,166 |
$21,236 |
For more information:
http://www.cra-arc.gc.ca/bnfts/wtb/menu-eng.html?rhb
Canada lumber exports to China expected to reach US$1.2 billion in 2011 by Accountant Woodbridge
The Canadian economy will be directly affected by this trade in positive manner by using Accountant Woodbridge. Canadian lumber exports to China are on pace to reach a record value of US$1.2 billion in 2011, an industry publication has forecasted. Wood Resource Quarterly said softwood log and lumber exports to China from the U.S. and Canada should double this year to reach an estimated value of US$2.6 billion.
Accountant woodbridge
The North American share of log and lumber import volumes to China has increased to 18 per cent in 2010 from four per cent in 2005. The
value of lumber shipments from Canada is expected to increase from just US$55 million in 2005. Most of the Canadian exports come from British Columbia, which has a massive supply of timber that has been killed by the mountain pine beetle over the past 15 years.
For more information:
http://ca.finance.yahoo.com/news/Canada-lumber-exports-China-capress-4009571293.html
Ways to Save on Gas by your Accountant Brampton
There are many different ways you can save on fuel cost on your motor vehicle, courtesy of your Accountant at Brampton.
Accountant Brampton
Make no bones about it, gasoline is expensive and it isn’t getting any cheaper. You don’t need to switch to public transportation to cut costs at the pump. There are a few basic things you can do that could considerably save money on gas by Accountant Brampton.
•Keep your car maintained. By keeping up with regular maintenance, your car will run more efficiently and burn less fuel. This includes regular oil changes, air filter replacement and properly inflated tires.
•Drive smart. Aggressive driving leads to increased acceleration and braking that can use unnecessary gas. Try to maintain a steady speed for as long as possible and use the cruise control over long distances.
•Alter your daily commute. If you commute through heavy stop and go rush hour traffic you might consider driving to and from work an hour or so earlier or later in order to miss the rush. Avoiding this type of traffic can not only save gas but also create a less stressful drive by Accountant Brampton.
For more information:
http://financialplan.about.com/od/savingmoney/qt/saveongas.htm
Smart Money Moves for the End of the Year by Accountant Brampton
Accountant brampton
Planning for your taxes can save you taxes and save you cost of filing taxes, if you have all the documents well organize courtesy of Accountant at Brampton. It is nearing the end of another year, but don’t let the holiday season whisk you away from your fiscal responsibilities in Brampton ON. These are some of the smart money moves you can make before the year closes off to ensure you’ll be in good shape for the New Year, and to close off the old with a smile in Brampton.
Get Organized
Ideally, you’ve kept your tax receipts organized as the year’s progressed, but if you suddenly find you have a shoe box full of receipts, now is the time to get it organized before tax season hits, Accountant Brampton. You’ll probably be too busy and frazzled in the New Year to give this the proper attention, so you might as well get it done now, Tax Accountant Brampton.
Label envelopes by their deductible expense categories and the date of the tax year, and start sorting your receipts into them by Accountant Brampton. If you’re ambitious, tally up the amounts in each category and write it on the front of the envelope for easy access by Tax Accountant Brampton.
Next, keep your other relevant tax statements set aside into another envelope labeled with the tax year, and bundle everything together by Accountant Brampton. Don’t forget to also pull out your tax information and statements for last year because you’ll more than likely need some information of what you deferred from the previous year such as charitable donations or other claims, Accountant Brampton.
As you go along, make notes about the tax year such as your estimated income and other things you’ll need from your bank or company before filing Income Taxes by Accountant Brampton.
Review Your Financial Status
Make a list of your financial assets, estate holdings and insurance policies, and update your beneficiaries on all of the accounts. Review and revise as needed with the future in mind by re-balancing or
diversifying; these are decisions that should get an in-depth review at least once a year, although keeping tabs on a monthly basis is best according Accountant at Brampton.
Take time to go through these statements with your partner so they or you are fully aware of what the situation is and where all the documents are kept. If you have the information, doing a family review of your total income, expenses and net worth at year-end might be helpful for planning or revising the budget for the new year in Brampton Ontario.
Spend as Required
Research available deductions for the year to find additional deductions that you may not be aware of.
Other spending might include:
• Giving cash gifts to reduce your estate’s value up to the maximum limit
• Investing more into your retirement accounts for those tax deductions
• Spend your medical allowances if they can’t be carried over to the next year or will expire
• Take off any extra vacation days if you can’t carry them over to the next year or if they’ll be written off.
Create an Emergency Document
In case of an emergency, it’s always a good idea to have an overview document of everything you or your family might need in case something
happens by Accountant Brampton. Most people don’t tend to talk about these important pieces of information on a daily basis (if at all) until it’s too late. You could start with the following: If you haven’t done any of above list please see your accountant at Brampton or call us at 905-794-8283.
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Lease or Buy a Car? (Accounting Brampton)
Should lease or buy a car?
You should lease car if your planning change the car within four years or purchase the car if you planning keep the car for five or more years, Accounting Brampton. Conventional wisdom says if you lease you’ll have nothing to show for your money when the term is up. But that ignores the opportunity cost inherent in buying: after all, the money you pay up front for the car could be invested instead. Our worksheet will determine whether leasing or buying is the better overall investment strategy. Bear in mind that the calculation assumes you would buy the car outright rather than finance it.
Accounting Brampton
The Advantages
Low Down Payments — Even though a lot of the advertised lease deals assume a down payment, you can often get the dealer to limit it just by asking. Of course, the more cash you come up with initially, the lower your monthly payments.
Low Monthly Payments — Since you are only paying off the depreciation on the car — not its full value — your monthly payments are much lower than if you opt to finance the purchase of the entire car over the same period of time.
Easy Turnover — Assuming your car is in good shape, when your two or four years are up, just stroll into the dealer, hand over the keys, and drive out with a brand new car and a new lease arrangement. You don’t have to bother with selling the car or haggling with a dealer over trade-in value. That was all taken care of beforehand.
The Disadvantages
No Equity — Similar to paying rent on an apartment, your lease payments don’t go towards owning anything. Unlike traditional financing, you can’t look forward to the day when the payments will stop and you can drive your own car free and clear.
Lack of Flexibility — You pay a big penalty if you want out of the lease before the full term. Bailing out early may cost you as much as six extra months of payments, depending on your leasing company.
You May Pay Extra — Most leases charge an extra 12 or 15 cents for each mile you drive over a certain limit. Typically the lease agreement grants 12,000 to 15,000 miles per year. (Drivers average 15,000 miles per year.) Also, you’ll have to pay up for any damage to the car beyond normal wear and tear when you turn it in. One way to avoid the mileage charge is to buy more miles at a reduced rate (of around 10 cents) up front, by accounting brampton.
Insurance May Come Up Short — If you total the car or it gets stolen, your insurance will only reimburse you for the car’s market value, which might not cover what you still owe on your lease. You can buy extra “gap coverage” to protect against this, and some lease deals include it automatically, accounting Brampton.
For more information:
http://www.smartmoney.com/calculator/autos/buy-or-lease-a-car-1302833645461/