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

Did you buy a home in 2012? Check out this tax information

Did you know?

If you bought a home in 2012, you may be able to save on your taxes through the first-time homebuyers’ tax credit.

 This information is not necessarily “new”, but very well may still be “news” for some first time homebuyers. However, we are providing the following updated reminder to those who may have purchased a home in 2012. 

To qualify for the homebuyer’s tax amount:

•You or your spouse or common-law partner must have purchased a qualifying home; and

•You did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.

 

If you would like more detail about this and other tax credits currently available to you, please visit our website http://liwanpo.com/taxes_personal.php

 

Canada Pension Changes: CPP, OAS, GIS Summary

It has been some time since we have had significant news from the Government of Canada, but as you may have heard, they are currently proposing to make changes to eligibility for OAS and GIS. In addition to this we have recently seen the implementation of changes to the Canada Pension Plan which I wrote about earlier.  I felt that this was important enough to write about again, so I have created a Newsletter with as much relevant detail as possible for both the CPP and OAS/GIS changes.  The February 2013 Newsletter is posted  on our website and you can use the links below to read the full article.

CPP Summary:

1. If you are under age 65 and already collecting CPP, but continuing to work you and your employer must now continue to pay CPP until age 65. 
2. If you are between ages 65 and 70 and continuing to work but elect to stop contributing to the CPP you must complete a form CPT30 for your employer AND SEND A COPY TO REVENUE CANADA.    If you do not elect to stop, you and your employer must continue to pay CPP until age 70.  (A copy of the CPT30 form is attached to the end of the Newsletter for your information)

OAS/GIS Summary:

The Old Age Security (OAS) Pension is a monthly benefit available to Canadian applicants 65 years of age who meet the Canadian legal status and residence requirements.  However, the Government of Canada is proposing to change the eligibility rules for the Old Age Security and Guaranteed Income Supplement payments.  If you were born before 1957 this will not affect you, but for the rest of us it may mean changing the way we plan our retirement years.    

As usual, we have posted this under the red banner on our website homepage. You can read this and other relevant articles using the link to the website homepage or our "Library" page for more details:

http://liwanpo.com/
http://liwanpo.com/resources_newsletter.php

As you know, I am always happy to hear from you so if you would like to discuss this or other issues, please feel free to call me.

Government of Canada is changing OAS eligibility

Currently the Old Age Security (OAS) Pension is a monthly benefit available to Canadian applicants 65 years of age who meet the Canadian legal status and residence requirements.  However, the Government of Canada is proposing to change the eligibility rules for the Old Age Security and Guaranteed Income Supplement payments.  If you were born before 1957 this will not affect you, but for the rest of us it may mean changing the way we plan our retirement years.

The Government of Canada has introduced measures to gradually increase the age of eligibility for the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) between the years 2023 and 2029, from 65 to 67. However, those currently receiving OAS benefits will not be affected by the changes.  These and other changes will affect those born after 1957.  To find out more about these proposed changes use this link to read the entire article posted on the "Library" page of our website in the Newsletters section.

Government of Canada Proposed OAS and GIS Changes