2012 Ontario Healthy Homes Renovation Tax Credit

At last, seniors are getting a tax break on home renovations required to assist living at home.  And the good news is, this is not one of those one year only deals, this tax break is here to stay for now.  Here is the best part though, the 2012 Ontario Healthy Homes Renovation Tax Credit is not just for seniors with disabilities.  Any person over the age of 65 either as a tenant or a homeowner can make eligible renovations to their residences and qualify for this tax credit.   In addition, there is no income test to qualify and 100% of eligible expenses qualify.  Finally, this is good news for all seniors who want to live in their own homes longer, improve accessibility or be more functional or mobile at home.

IMPORTANT NOTE: For the 2012 tax year only, eligible expenses cover fifteen months from October of 2011 through December of 2012.  If you want to take advantage of the first year of this tax credit, you will need to do so before the end of 2012 if you have not already done so.

I have prepared a more detailed newsletter on this subject, and you can read the full article in detail using this link.  Look for the red banner on the lower left hand side of the home page and click on the article "2012 Ontario Healthy Homes Renovation Tax Credit".

http://www.liwanpo.com/

Be Mortgage Free Faster!

Yes, it really is possible to pay off your mortgage faster using these tried and true smart-money strategies provided by the money lenders themselves.  Reduce your Amortization period.  Make more frequent payments. Use your prepayment options.  To get more details on how this works in your favour, use the following link to read the full article, "Be Mortgage Free Faster 2012":
http://www.liwanpo.com/fin_personal_personal.php

This site also contains many other articles of interest on personal and business finance tips, tax tips and more.  Well worth your time to investigate what's available free to read. Jacques

2012 Taxes: Income Splitting and Attribution

Admittedly, not an easy tax subject to get your head around, but in the end can be well worth taking the time to understand and apply if the conditions are right for you.

In short, the Income Tax Act contains rules designed to eliminate the ability for a taxpayer in a high tax bracket to shift income to a lower-bracket taxpayer.  Knowing the rules and working within the restrictions can be beneficial but in general it requires the assistance of a tax professional to work out the details.  If you think you might benefit from income sharing, we can help you to work through any options that might apply.  For more details on this and other relevant tax subjects, please visit our website, Taxes pages. http://www.liwanpo.com/taxes_personal.php