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Name Title Date. Tax Tips Helpful Information You Should Know. Consider tax changes. Reduce the taxes you pay Manage your family income Use expenses to best advantage. Canada employment credit. Tax credit on employment-related purchases Computers, uniforms and supplies - PowerPoint PPT Presentation
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NameTitleDate
Tax TipsHelpful Information You Should Know
Reduce the taxes you pay
Manage your family income
Use expenses to best advantage
Consider tax changes
Canada employment credit
Tax credit on employment-related purchases Computers,
uniforms and supplies
Tax relief on the lesser of $500 or annual income
Tradespeople’s tool expense
Claim the cost of new tools
Excess of $1,000 up to a maximum of $500
Certification required from employer
Textbook Tax Credit
Students entitled to tax credit for textbooks
$65 for full-time students
$20 for part-time students
Unused amounts carried forward to a future year
Scholarship and bursary income
Exempt from tax
Amounts received in connection with enrolment
Fitness Tax Credit (2007)
Claim up to $500 for physical activity programs
Children under 16 years of age
Refundable Medical Expense Supplement (RMES)
RMES increased from $767 to $1,000
Reduced when income exceeds $22,140
Transit passes
Tax credit for public transit Local bus,
streetcar, subway, commuter train or bus and local ferry
Publicly-listed securities
Includes mutual funds and segregated funds
Donations to charities have been reduced to zero and are exempt from tax
Canadian fishers
$500,000* lifetime capital gains exemption
Includes real property, fishing vessels, eligible capital property
Tax-deferral on transfers
*The 2007 budget has proposed an increase to this amount
Universal Child Care Benefit (UCCB)
Receive $100 per month
For each child under age 6
Must apply for credit
Taxable income
Important Notes
The commentary in this presentation is for general information only and should not be considered investment or tax service to any party. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation.
Manulife Investments is the brand name identifying the personal wealth management lines of business offered by Manulife Financial and its subsidiaries in Canada. As one of Canada’s largest integrated financial services providers, Manulife Investments offers a variety of products and services including: segregated funds, mutual funds, principal protected notes, annuities and guaranteed interest contracts.
Manulife and the block design are registered service marks and trademarks of The Manufacturers Life Insurance Company and are used by it and its affiliates including Manulife Financial Corporation.