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Tax Tips
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Automobile expenses
- explore you options how to deduct automobile expenses in corporation and
save maximum taxes.
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Home renovation tax credit
up to $1,350 is available only in 2009.
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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.
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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.
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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 Amounts withdrawn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.
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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
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