July 30th, 2009
Are you graduating from college or university? Â If you live in Nova Scotia by the end of the year, you could qualify for the $2,000 graduate tax credit. Â This tax credit gives you a $2,000 reduction in your provincial taxes. Â If your income is low, and you don’t need that much to get all your taxes back, you can even carry it forward to use next year.
NOTE: Â This Nova Scotia Graduate Tax Credit has been replaced for 2009 and future years with a new, more lucrative tax rebate. Â Read about it here http://www.prioritytax.ca/blog/consumer-tax/nova-scotia-graduate-retention-rebate/Filed under: Consumer Tax by David Boese No Comments »
Do you have plans to move to another province? Â Make sure you get it timed right. Â You are considered to be a resident of the province in which you live at the end of the year. Â You also pay tax at that province’s tax rate for the entire year. Â So if you are moving to a higher taxed province, try to put off the move until after the turn of the year. Â On the other hand, if you are moving to a lower taxed province, make the move before December 31. Â That way you can pay tax rate at the lower rate for the entire year!Filed under: Personal Tax by David Boese No Comments »
Business owners: Â you will definitely want to register for the My Business Account service. Â This service provided by the Canada Revenue Agency allows you to register your business so that you can view, update, and make changes to your government accounts online. Â For example, you can view Â past GST/HST returns, you can view all the letters that Canada Revenue Agency has sent to you, you can view your payroll account, plus many other things.
Register for this service at:Â http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/myccnt/menu-eng.htmlFiled under: Business tax by David Boese No Comments »