WARNING! Falling for a tax scam can cost you.

There’s no doubt about it, we are exposed to a crushing onslaught of scams in the form of letters, emails, and even newspaper ads. They provide ample opportunity for financial turbulence because if you fall for any of these scams you risk your financial security and your identity. Your best defense is knowing what to look for so this month’s newsletter is all about being scam-savvy. 

Know what to look for:

Did you receive an email from the Canada Revenue Agency (CRA) asking for personal information or to click on a link to get your refund?  Did you see an ad in the paper that claims you don't have to pay taxes because you are two different people for income tax purposes? Did someone sell you a donation receipt for less than the donation amount shown? These are all scams.

If you fall for a tax scam, you risk your financial security and your identity. Also, you may not be meeting your obligations under Canada's tax laws. The consequences of your action could range from embarrassment, to inconvenience, to serious legal trouble.

Read this month's newsletter using this link and find out how to be scam-savvy.  http://www.liwanpo.com/pdf/tax_advice/tax%20scam%20alert%202015.pdf#zoom=100

New 2014 Family Tax Credit for Canadians

Once again, we are happy to share good news for Canadians in the form of  tax cuts for families, this time it is immediate and will take effect in the 2014 and subsequent tax years. These changes give parents of children under the age of eighteen a new tax credit option. This new tax  credit comes on the heels of the previously shared Universal Child Care Benefit proposal for 2015 for children under the age of 6. Of course, there are rules and we have outlined them in this month’s newsletter.  

To find out more about how this may affect you this year, use these links to read the complete article ( look for  the red banner on the bottom left of our website home page) on our website, blog or twitter posts:

website:     http://liwanpo.com/index.php

2015 NEW - Universal Child Care Benefit for Canadians

Universal Child Care Benefit

In 2006, our Government introduced the Universal Child Care Benefit (UCCB), which provides all families with up to $1,200 per year for each child under the age of 6. The UCCB currently provides direct federal support to approximately 1.7 million families with young children.

Now, the Government is proposing to enhance the UCCB by providing up to $1,920 per year for each child under the age of 6, and introducing a new benefit of up to $720 per year for children aged 6 through 17.  The UCCB enhancements would take effect starting January 2015 and would begin to be reflected in monthly payments to recipients in July 2015, pending Parliamentary approval of the necessary legislation.

The July 2015 payment would include up to six months of benefits to cover the January to June 2015 period. About 4 million families are expected to benefit from these enhancements. These enhancements to the UCCB would replace the Child Tax Credit, starting in the 2015 tax year.

For this and other relevant information on Canadian Tax Matters, please use this link to our website and look for the red banner on the bottom left of the home page.
http://www.liwanpo.com/index.php

Tax Clearance Certificates - What you don't know can hurt you!

After the death of a family member, surviving relatives often face daunting challenges sorting and managing a deceased person’s affairs.  Not the least of these challenges is the need to meet the requirements of CRA for securing Clearance Certificates.  In light of this, we have dedicated this month’s newsletter to providing basic information regarding this somewhat complex process.  

Our July 2014 Newsletter contains questions and answers in detail:

- What is a Clearance Certificate?

- Do I have to get one?

- How do I get one?

- What forms and documents will I need?  

To get a full copy of this and other relevant Newsletters, use this link to our website and you will find this and other information on our Taxes Pages, under Personal Taxes. 

http://www.liwanpo.com/taxes_personal.php 

2013 Home Buyer's Plan (HBP) and Tax Credit

Home ownership for the first time buyer has become a significant cost challenge for most. If you bought a home in 2013, the Canada Revenue Agency (CRA) has a tax credit and a plan that may help you save on this purchase.  We hope that this month’s newsletter will give you the information you need to leverage this opportunity....

For this and other related Newsletters, please use this link to our website personal taxes page: 

http://www.liwanpo.com/taxes_personal.php 

Charitable Gifts - 2013 First Year for FDSC 25% additional tax credit

2013 is the first year for a potential 25% increase in tax savings on Charitable Gifts for First Time Donor's Super Credit

Our December 2013 Newsletter is all about how to save taxes, and there is interesting news for First Time Charitable Donations.  A new tax credit called the FDSC (First Time Donor's Super Credit) allows for an additional 25% in tax credits for qualified donors.  In addition there are other tax saving ideas for you to consider.  This message is especially important though, because the opportunity to use these saving options will expire at year end!   This is time sensitive information so use this link now to get all the details you need to see if these ideas work for you.  The link below will take you to the home page on our website, look for the red banner "Other News and Events" and click on the newsletter  2013 Time Sensitive Tax Savings

2013 Combined Personal Tax Rates

For those of us interested in getting a head start on preparing for our 2013 taxes, we are pleased to be able to provide a chart which outlines the tax rates for all levels of taxable income as well as personal Federal and Ontario basic credits and equivalent to spouse.  This chart also includes a tax update for Dividends.  To access the chart and other tax information please use the link provided, and as always I am only a phone call away for personal help:  Jacques Liwanpo CA Website