Year End tax-tips to save you money

ANALYSIS: It’s the season of giving, so why not give yourself a nice tax break?
You don’t need to file until the spring, but as the 2015 tax year draws to a close there are things you can do to make it easier and maximize savings.
The best place to start is organizing eligible tax credits such as charitable donations, kids’ sports and arts payments, transit passes, education and healthcare expenses.
If you’re fortunate enough to get a year-end-bonus it will probably be taxed in your highest bracket. You can avoid the tax by putting it in your Registered Retirement Savings Plan before the February 29 deadline. If you don’t have room consider a spouse’s RRSP. That tax return could come in handy paying holiday bills in the new year.
Another option for a bonus or any other money is a Tax Free Savings Account. There is no deadline to contribute, but the contribution deadline will be increased by $5,500 effective January 1st. That brings the total contribution limit to $46,500. Any gains produced in the account are exempt from taxation.
If you’ve accumulated equity losses outside an RRSP or TFSA, consider tax-loss-selling. Any losses can be offset against capital gains going back three years or forward indefinitely.
If you want to buy the same stock back it’s important to know the loss does not apply if you buy it back within 30 days.
Tax-loss-sales must settle before the end of the year, and that takes three days. The deadline to make the sale is December 24 in Canada and December 28 for U.S. equities.

 Courtesy BNN

Call us at Tax-Books Inc. for all advice and services: 905-616-5500

http://www.tax-books.ca/contact-us


http://www.bnn.ca/News/2015/12/14/Year-end-tax-tips-that-can-save-you-money.aspx

Tips for Photo Storage and Sharing

www.Snapfish.ca

Storage overview

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www.shutterfly.com

Storage overview
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www.facebook.com
Storage overview
Facebook is a very convenient and useful site to show to the world your truly artistic side and mainly to keep in touch with your family and friends. See what your friends are doing. Let them know what you are doing. Store and display your photos, videos and other stuff on facebook. Best of all – its free. Join today.

Tax Free Savings Account

Tax Free Savings Account (TFSA) for Individuals
Beginning January 2009, a Tax Free Savings Account is a new way for residents of Canada to set money aside, tax-free, throughout their lifetimes.

Contributions ($5000 maximum per person per year) to a TFSA and the interest on money borrowed to invest in a TFSA are not tax deductible. The income generated in the TFSA is tax-free when withdrawn.

Generally, the types of investments that will be permitted in a TFSA are the same as in a registered retirement savings plan (RRSP).

This would include mutual funds, securities listed on a designated stock exchange, Garanteed Investment Certificates (GICs), bonds, and certain shares of small business corporations.

Please call us or ask questions on blog and look for more information on
CRA website: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/menu-eng.html

Canadian Fedral Tax Rates for 2008

Federal tax rates for 2008 are:

• 15% on the first $37,885 of taxable income, +
• 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
• 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +

29% of taxable income over $123,184

Provincial/Territorial tax rates for 2008

Ontario 6.05% on the first $36,020 of taxable income, +
9.15% on the next $36,021, +
11.16% on the amount over $72,041