| Tax law changes sound tricky, and they might change your tax filing routine. But they might also translate into major savings. Canadian tax laws have changed for the 2009 filing season, and taxpayers can start the new decade with new savings if they do their homework on the new federal tax laws.
For instance, did you buy a new home after January 27, 2009? You may be eligible for a $5,000 credit thanks the new home buyers’ regulation. And the revised home buyers’ plan allows taxpayers to withdraw up to $25,000 from their registered retirement savings plan for a residential purchase. Or maybe you renovated your existing home last year. This filing season only, home renovation costs are deductible. Expenses for home renovations made between January 27, 2009 and January 31, 2010 can be claimed for big tax refunds this season. Taxpayers will likely find they benefit from at least one of the income tax law changes this year. Anyone with an income of more than $10,320 will find automatic savings from the increased basic personal amount. Under the new law, the first $10, 320 of your income is nontaxable. Additionally, anyone over the age of 65 will be able to claim an increased base amount of $6,408 on line 301 for incomes of $32,312 or less. And if you and your partner have children, you might also be interested to know that you can claim them as dependants even if they left the nest, so long as their personal incomes do not exceed $10,320. In fact, you stand to gain a lot of tax refunds thanks to all of the different tax credits available for those who have children. Regardless of your personal situation, the Canada Revenue Agency strives to make the filing process as easy as possible with their new payment method. For the first time this year, Canadians can make payments using the CRA’s My Payment option, which can be found on their website. |
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Music Mondays lineup for this month:
Music from the 1980’s
Today’s Music Mondays feature:
The Eagles – “I Can’t Tell You Why”
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About Music Mondays
Music Mondays (MM) are simply about having fun and starting the work week right. If you have a music video you would like us to feature, simply drop us a line at editor(at)frugalis.ca. Have a great work week!
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Frugalis.ca pick:
Free Coffee from McDonald’s – ALL DAY! No purchase required! (We like free all day coffee with no strings attached) Other freebies: Buy One Get One Free Harvey’s Angus Mushroom Melt. Purchase required. Free Coffee from Country Style (6am to 11am, today only) No purchase required! Free popcorn from AMC Theatres. MovieWatcher Membership required. Free Hash Brown from Tim Hortons (5am to 11am, today only) Purchase required. |
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