Archive for December, 2009
Tax Loopholes in TFSA Rules are Eliminated
In October 2009, Finance Minister Jim Flaherty announced amendments to the Income Tax Act that would put an end to the “tax planning schemes” that undermine the intent of Tax Free Savings Accounts (TFSA) as a savings vehicle. These amendments addressed deliberate over-contributions, asset transfer transactions, ...
69 Comments | Posted in Financial Planning for Business Owners,Retirement Planning,Savings and Investments,Tax Planning
December 20, 2009
Take Advantage of Increased Tax Write-Offs for Computer, Machinery and Equipment Purchases
Capital cost allowance (CCA) is a business expense that is used to reduce business income over time. It represents the cost of depreciating property that cannot be written off all in one year. The 2009 budget replaced the CCA rate for investments in machinery and ...
33 Comments | Posted in Financial Planning for Business Owners,Tax Planning
December 06, 2009
