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TFSA - Have you started yours yet?
If you have not yet had the opportunity to set up your TFSA account, please contact me at 604-468-0888 or hperler@perlerfinancial.com to do so. The TFSA is an excellent opportunity to earn income Tax Free now & in the future. What follows is an article about the TFSA and why this savings vehicle is probably right for you. Who benefits from a TFSA? Turns out just about everyone.
CLICK HERE for more information about the TFSA (Tax Free Savings Account).
Other storiesPlease join me on Thursday April 28, 2011
Perler Financial Group 2011 Spring Seminar at the Port Moody Library
Where we're at, where we're going
This year, we are very excited to present Dr. Martin Murenbeeld, Chief Economist for Dundee Wealth Inc. This is a rare opportunityto hear this international speaker. CLICK HERE to view all the details. Please RSVP to Stefanie at 604-468-0888 or admin@perlerfinancial.com by Thursday April 20, 2011. Seating is limited.
Don't miss out on this little known tax deduction
In a conversation with Mary Danbert, AAT she mentioned that the Medical Expense Deduction is one that is often missed when individuals are filing their tax returns. I thought I would bring attention to this little known fact.
Premiums paid to a private health services plan may be included as a qualifying medical expense. Provincial medical or hospitalization insurance plans are not included. This typically affects retirees who go from having employer sponsored plans to having private plans that they pay for themselves (quite often as a deduction off their pension income). But this would also apply to anyone who pays for their own private health services plan.
CLICK HERE for the full article from Canada Revenue Agency on Medical Expense Deductions. The medical expenses deduction is item #64 found on page 14 of the article.
Incorporation Tax Benefits for Professionals
As a professional, significant tax planning opportunities can become available when you incorporate. These include splitting income with family members, taking advantage of low corporate tax rates to defer tax and possibly the capital gains exemption if you sell your corporation.
Before you decide to incorporate to take advantage of these opportunities, there are a number of important factors for you to consider. And in particular, unlike business people in general, you must consider the specific rules that govern your profession when determining whether incorporation makes sense for you.
I often get asked about the benefits of incorporating for professionals. I came across this great article that helps go over the different benefits achieved by incorporating. CLICK HERE to read the full article by Bruce Ball on Feb 10, 2011 for advisor.ca. Please contact me should you have any questions or if I can be of assistance in regards to your personal situation.
CPP, OAS & Tax Rates Table
I have updated my website to include the latest CPP & OAS rates for 2011, as well as a Tax Planning Reference guide for 2011.
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