• Automobile expenses - explore you options how to deduct automobile expenses in corporation and save maximum taxes.

• Home renovation tax credit up to $1,350 is available only in 2009. 

• Manufacturing and processing equipment purchased before 2010 is eligible for 50% accelerated straight line CCA method. The half-year rule applies. For instance if you buy equipment for $20,000 in 2009 depreciation rate you claim is $5,000 in 2009, $10,000 in 2010 and $5,000 in 2011.

• Computers acquired after January 27, 2009 and before February 1, 2011. The full cost of eligible computers and systems software will be fully deductible in the year acquired.

• Home Buyer's Plan withdrawal limit was increased to $25,000 from $20,000. Amounts withdrawn under the HBP are repayable in installments over a period not exceeding 15 years.

• A new non-refundable tax credit based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009 (i.e. the closing is after that date) will be available in 2009.

   

   

   

For a complimentary initial consultation call us (416) 738-1899 x401 or email dimitry@ca4gta.com