What’s the difference between Tax Preparer & Tax Planner?
A Tax Preparer is someone who helps you to file your tax return for income that you have earned and expenses that have already incurred in the previous year.
While a Tax Planner is someone who works with you to reduce your taxes and save your money for the current year.
If you want to save money, find a Tax Planner!
Either way, you have to be careful in choosing a preparer or a planner. Especially in this tax season, there are people who may know a little bit about tax but call themselves as tax experts.
If you are a business owner, I recommend you to find a tax planner that has the experience, knowledge and receive advanced tax training. They should guarantee the accuracy of their work and willing to assist you in a CRA audit.
Wednesday, February 18, 2009
Wednesday, February 11, 2009
2009 Tax System Indexation
On January 1, 2009, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.5%.
The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2009.
For 2009 the federal tax bracket thresholds are:
- 22% for taxable income above $38,832;
-26% for taxable income above $77,664; and
-29% for taxable income above $126,264.
The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2009.
For 2009 the federal tax bracket thresholds are:
- 22% for taxable income above $38,832;
-26% for taxable income above $77,664; and
-29% for taxable income above $126,264.
Thursday, February 5, 2009
Rates & Maximums Chart
CPP/QPP—2009
Year’s Maximum Pensionable Earnings $46,300.00
Year’s Basic Exemption (by pay period type):
- Annual $3,500.00
- Monthly (12) $291.66
- Semi-Monthly (24) $145.83
- Bi-Weekly (26) $134.61
- Weekly (52) $67.30
Maximum Contributory Earnings $42,800.00
Contribution Rate—Employee/Employer 4.95%
Contribution Rate—Self-Employed 9.9%
Maximum Contribution—Employee/Employer $2,118.60
Maximum Contribution—Self-Employed $4,237.20
EMPLOYMENT INSURANCE—2009
Maximum Annual Insurable Earnings $42,300.00
Premium Rate (Employee) 1.73%*
Premium Rate (Employer, 1.4 x Employee) 2.42%*
Annual Maximum Premium (Employee) $731.79*
Annual Maximum Premium (Employer) $1,024.51*
*Unless a reduced premium rate applies
TD1—PERSONAL TAX CREDIT RETURN (FEDERAL)—2009
Basic Personal Amount $10,100.00
Eligible Dependant or Spouse or Common-Law Partner Amount $10,100.00
Canada Child Tax Benefit-Base Benefit $1,340.00
Pension Income Amount $2,000.00
Age 65 Amount $5,408.00
Disability Amount $7,196.00
Caregiver Amount or Infirm Dependant Amount $4,198.00
Education Amount—Full Time $400.00/month
Education Amount—Part Time $120.00/month
Year’s Maximum Pensionable Earnings $46,300.00
Year’s Basic Exemption (by pay period type):
- Annual $3,500.00
- Monthly (12) $291.66
- Semi-Monthly (24) $145.83
- Bi-Weekly (26) $134.61
- Weekly (52) $67.30
Maximum Contributory Earnings $42,800.00
Contribution Rate—Employee/Employer 4.95%
Contribution Rate—Self-Employed 9.9%
Maximum Contribution—Employee/Employer $2,118.60
Maximum Contribution—Self-Employed $4,237.20
EMPLOYMENT INSURANCE—2009
Maximum Annual Insurable Earnings $42,300.00
Premium Rate (Employee) 1.73%*
Premium Rate (Employer, 1.4 x Employee) 2.42%*
Annual Maximum Premium (Employee) $731.79*
Annual Maximum Premium (Employer) $1,024.51*
*Unless a reduced premium rate applies
TD1—PERSONAL TAX CREDIT RETURN (FEDERAL)—2009
Basic Personal Amount $10,100.00
Eligible Dependant or Spouse or Common-Law Partner Amount $10,100.00
Canada Child Tax Benefit-Base Benefit $1,340.00
Pension Income Amount $2,000.00
Age 65 Amount $5,408.00
Disability Amount $7,196.00
Caregiver Amount or Infirm Dependant Amount $4,198.00
Education Amount—Full Time $400.00/month
Education Amount—Part Time $120.00/month
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