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WELCOME BACK TO OUR WEBSITE!

It's (long) time for us to update the website...

We are going to be sharing tax tips, old and new to help you with your personal and business affairs.

 

TAX TIP #001

How much can I make before some (or all) of my Old Age Pension is clawed back?

For 2022, 15% of your net income above $81,761 will be recovered or clawed back by the CRA (up to the amount of OAS received in 2022.)
How to prevent this?

  • Defer taking the OAS until you are 70

  • Withdraw extra funds from RRSP until you being receiving the OAS

  • Plan your large capital sales prior to receiving the OAS (capital gains)

  • Shift investments into your TFSA

We would love to discuss these strategies with you.  Planning is everything!

TAX INFO #001

Doubling of the GST Rebate

This has NOT passed in the Senate as of this posting.

"On October 6th 2022, Members of Parliament unanimously passed legislation to temporarily double GST rebates to help low- and modest-income Canadians, and the bill will now be sent to the Senate.

Once the bill becomes law, people who are eligible for the GST rebate will receive a lump-sum payment equivalent to the rebate cheques that will be sent in October and January.

The government expects it will take three to four weeks for the payments to go out after the bill receives royal assent."

HOW CAN I KEEP MORE OF MY MONEY?

There are deductions and credits available to taxpayers to reduce the amount of tax that each person owes.  

Most Common Deductions

RRSP Contributions - How much room do you have to contribute?

Union or Professional Dues - We can claim the fees paid to belong to professional associations and trade unions.

Child Care Expenses - You'll need to bring in your receipts so we can make the proper claim.

Most Common Non-refundable Tax Credits

Canada Caregiver Amounts - for spouse or other dependent

Disability Tax Credit - for self or transferred from spouse or dependent

Tuition and Education Credit - for self or transferred from a spouse or child

Medical Expenses - lots of rules around these, but worth looking into

If you have questions or think that some of these deductions and credits might apply to you, please reach out for more information.


LRH Larry R Hemeryck
CPA Professional Corporation

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