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Ontario Income Tax News

First Time Home Buyers Tax Credit

Feb 11, 2010

The First-time Home Buyers tax Credit (HBTC) is a non-refundable tax credit for certain homebuyers who acquire a wqualifying home after January 27,2009, that is- closing after this date. How is the HBTC calculated? The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15%in 2009) by $5,000. for 2009,…

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Maximum Pensionable Earnings for 2010

Jan 5, 2010

Ottawa, Ontario, November 3, 2009… The Canada Revenue Agency (CRA) announced today that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2010 will be $47,200—up from $46,300 in 2009. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries…

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Home Renovation Tax Credit

Dec 16, 2009

The HRTC will provide meaningful tax relief to help Canadian homeowners make improvements to their property while promoting economic activity. The credit will apply only to the 2009 taxation year. Expenditures for work performed, or goods acquired, after January 27,2009 and before February 1,2010, will be elegible for the credit. The credit will however, not…

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Income Tax and Benefit amounts

Dec 16, 2009

Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on January 1, 2010. However, increases to the Canada Child Tax Benefit (including the…

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Deduction on Computer purchase

Dec 16, 2009

Budget 2009 proposes a temporary 100 -per- cent cca rate for elegible computers and software acquired after January 27,2009 and before 2011. This 100% cca rate will not be subject to the half-year rule,which generally allows half the cca write-off otherwise available in the year the asset is first available for use by the taxpayer.…

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Pay on line and save time

Dec 15, 2009

Did you know… … that you can quickly and securely send a payment to the Canada Revenue Agency (CRA) from your bank account? The CRA’s new My Payment service can help both businesses and individuals simplify the process of making a payment to the CRA. Now you can click your way to instantaneous payments—no more…

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