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01:51

Chinese Accountant - Tax Counseling for Seniors and Retirees

by Gary Booth Chartered (1/21/13) 0 views

Tax Counseling for seniors and retirees (Chinese Accountant) Did you know you can save thousands of dollars through Canadian pension income splitting and we can show you how to do that? With the passing of the Canadian Federal Budget, we can expect to save thousands of dollars in taxes. With the passing of the federal Budget, we can expect to enjoy thousands of dollars of annual tax savings, by lowering taxes paid, and increasing tax credits and government benefits. Retirement income splitting allows you and your spouse (including common law) to lower your total taxes throughout retirement. Beginning this year, any Canadian resident with eligible income can allocate up to 50% of that income to their spouse. If you are under 65 years of age, eligible income includes employer pension income, as well as some death benefits. If you are 65 years of age or older, eligible income also includes lifetime income paid from Registered Retirement Income Fund (RRIF), Life Income Fund (LIF) and Locked in Retirement Income Fund (LRIF), and Deferred Profit Sharing Plan (DPSP). On receiving benefits from an employer pension, you can split up to 50% of that pension with your spouse, regardless of age. In doing so, each of you can then use the annual tax credit on up to $2000 eligible pension income. Sources of retirement income not eligible for splitting include Old Age Security, Guaranteed Income Supplements, income from Retirement Compensation Arrangements, and RRSP withdrawals (non-annuity). Each of you will need to make an election in your tax return specifying what portion of your income is to be deducted from the person who actually received the income, and request that it be included in the other spouse’s income. This direction and the amount can be changed annually. The greater the difference between your incomes, and marginal tax rates, the more significant your tax savings will be. Once you and your spouse are both 60 years old, or older, you can also apply to share up to 50% of the Canada Pension Plan benefits you earned while you lived together. To do this, you must contact the Human Resource department of the federal government. By leveling your retirement income between you, pension splitting can increase your use of age credits, providing you are 65 years old. Don’t forget, however, there is claw back that can reduce the base for the age credit. Couples who split incomes may also avoid or reduce the Old Age Security (OAS) claw back as well. Spousal Registered Retirement Savings Plans (Spousal RRSPs) can also help you balance your income levels. Spousal RRSPs allow you to make a RSP contribution to your spouse’s RSP, then deduct that contribution from your own income. Providing your spouse waits three tax years before withdrawing funds from a Spousal RSP, they can then include the amount withdrawn as their own income. Under the new retirement income splitting rules, only 50% of income can be split, and then only when the higher income spouse reaches the age of 65. Spousal RSPs allow you to shift income at any age. Gary Booth, Chartered Accountants 555 Burnhamthorpe Road, Suite 406 Toronto, ON M9C 2Y3 T: 416.626.2727 Fax: 416.621.7136 E-mail us: seniors@garybooth.com
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02:22

416-626-2727 , Tax Counseling for Seniors and Retirees

by Gary Booth Chartered (1/21/13) 0 views

416-626-2727 , Tax Counseling for seniors and retirees, Pension-income-splitting.com Did you know you can save thousands of dollars through Canadian pension income splitting and we can show you how to do that? With the passing of the Canadian Federal Budget, we can expect to save thousands of dollars in taxes. With the passing of the federal Budget, we can expect to enjoy thousands of dollars of annual tax savings, by lowering taxes paid, and increasing tax credits and government benefits. Retirement income splitting allows you and your spouse (including common law) to lower your total taxes throughout retirement. Beginning this year, any Canadian resident with eligible income can allocate up to 50% of that income to their spouse. If you are under 65 years of age, eligible income includes employer pension income, as well as some death benefits. If you are 65 years of age or older, eligible income also includes lifetime income paid from Registered Retirement Income Fund (RRIF), Life Income Fund (LIF) and Locked in Retirement Income Fund (LRIF), and Deferred Profit Sharing Plan (DPSP). On receiving benefits from an employer pension, you can split up to 50% of that pension with your spouse, regardless of age. In doing so, each of you can then use the annual tax credit on up to $2000 eligible pension income. Sources of retirement income not eligible for splitting include Old Age Security, Guaranteed Income Supplements, income from Retirement Compensation Arrangements, and RRSP withdrawals (non-annuity). Gary Booth, Chartered Accountants 555 Burnhamthorpe Road, Suite 406 Toronto, ON M9C 2Y3 T: 416.626.2727 Fax: 416.621.7136 E-mail us: seniors@garybooth.com http://www.pension-income-splitting.com
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02:18

416-626-2727 , Pension-income-splitting.com (tax Help)

by Gary Booth Chartered (1/21/13) 0 views

Did you know you can save thousands of dollars through Canadian pension income splitting and we can show you how to do that? With the passing of the Canadian Federal Budget, we can expect to save thousands of dollars in taxes. With the passing of the federal Budget, we can expect to enjoy thousands of dollars of annual tax savings, by lowering taxes paid, and increasing tax credits and government benefits. Retirement income splitting allows you and your spouse (including common law) to lower your total taxes throughout retirement. Beginning this year, any Canadian resident with eligible income can allocate up to 50% of that income to their spouse. If you are under 65 years of age, eligible income includes employer pension income, as well as some death benefits. If you are 65 years of age or older, eligible income also includes lifetime income paid from Registered Retirement Income Fund (RRIF), Life Income Fund (LIF) and Locked in Retirement Income Fund (LRIF), and Deferred Profit Sharing Plan (DPSP). On receiving benefits from an employer pension, you can split up to 50% of that pension with your spouse, regardless of age. In doing so, each of you can then use the annual tax credit on up to $2000 eligible pension income. Sources of retirement income not eligible for splitting include Old Age Security, Guaranteed Income Supplements, income from Retirement Compensation Arrangements, and RRSP withdrawals (non-annuity). Each of you will need to make an election in your tax return specifying what portion of your income is to be deducted from the person who actually received the income, and request that it be included in the other spouse’s income. This direction and the amount can be changed annually. The greater the difference between your incomes, and marginal tax rates, the more significant your tax savings will be. Once you and your spouse are both 60 years old, or older, you can also apply to share up to 50% of the Canada Pension Plan benefits you earned while you lived together. To do this, you must contact the Human Resource department of the federal government. By leveling your retirement income between you, pension splitting can increase your use of age credits, providing you are 65 years old. Don’t forget, however, there is claw back that can reduce the base for the age credit. Couples who split incomes may also avoid or reduce the Old Age Security (OAS) claw back as well. Spousal Registered Retirement Savings Plans (Spousal RRSPs) can also help you balance your income levels. Spousal RRSPs allow you to make a RSP contribution to your spouse’s RSP, then deduct that contribution from your own income. Providing your spouse waits three tax years before withdrawing funds from a Spousal RSP, they can then include the amount withdrawn as their own income. Under the new retirement income splitting rules, only 50% of income can be split, and then only when the higher income spouse reaches the age of 65. Spousal RSPs allow you to shift income at any age. Gary Booth, Chartered Accountants 555 Burnhamthorpe Road, Suite 406 Toronto, ON M9C 2Y3 T: 416.626.2727 Fax: 416.621.7136 E-mail us: seniors@garybooth.com
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02:32

Disability Tax Credit Canada Get Refunds Now. Call 416-626-272

by Gary Booth Chartered (11/1/12) 3 views

http://www.canadian-disability-tax-credit-association.ca Canadian Disability Tax Credit Association will help you receive up to $35,000 in disability tax credits. The Canadian Disability Tax Credit Association was created for the sole purpose - To help any Canadian with mental or physical disabilities, collect the money they deserve from the Canadian government. The Canadian government offers tax benefits and reimbursements to people with medical expenses or impairments in physical or mental functions as well as anyone supporting these people. In order to be qualified for these benefits you need to be a resident of Canada and you need to have your disability documented by a member of the health profession. Claiming these benefits is painstaking and that is the reason we recommend hiring a professional in the field in order to expedite the process as well as relieve you of the stress and worries related to dealing with federal agencies. Additionally, we help people with disabilities to receive reimbursement for various medical expenses such as medication, attendant care, and moving expenses. Call us, we can help you qualify for the disability tax credit. Please fill out our online form or download the PDF form to take the 1st step to financial satisfaction. Our goal is clear: To help every Canadian with disabilities receive the money they deserve. Gary Booth CA Professional Corp. Suite 406 - 555 Burnhamthorpe Rd. Toronto, On M9C 2Y3 E-mail: disability@cantaxcredit.ca Tel: 416-626-2727 or 1-866-775-1645 Fax: 416-621-7136
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02:09

Bookkeeping Services Toronto.com Accounting for Individuals &

by Gary Booth Chartered (11/1/12) 0 views

http://www.bookkeepingservicestoronto.com/ The Profit Center's commitment stands firm in its promise to deliver the highest quality of service to our clients. Our staffs of professionals are constantly acquiring knowledge so that we can continuously improve our services for our clients. Our services are designed to help you increase significant value to your business, and exceed your financial goals. Cost Effective Our staff of professionals are always accessible and working efficiently for your business. They become your partners, working with you to understand your business and develop new strategies for growth whenever and wherever you need them. All this at a price your business can afford. Ease of use Our promise is to be involved with our clients. We make it our guarantee to know your business, to understand it and its possibilities. We offer new ideas to help your business profits grow so you don't have to worry. It's that kind of ease of use we want you to come to expect. Speed & Efficiency Our intimate size at the Profit Center allows us to be on top of most situations responding to the diverse and often immediate problems clients can face, after partnering with the Profit Center clients no longer need to worry about working alone. Service & Availability Our staff of professionals are always available. They are your partners, working with you to identify with your business and develop new strategies for profit whenever and wherever you need them. Professional Staff Our team of professionals offer complete bookkeeping and accounting service and strategic business guidance. The Profit Center is there when you need us.
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02:13

Bookkeeping Services Toronto.com Offers Bookkeeping and Help to

by Gary Booth Chartered (11/1/12) 0 views

http://www.bookkeepingservicestoronto.com/ Our solid foundation ensures our clients get the qualified experience, knowledge and expertise they need in a timely and efficient manner. Our goal is to work with you, anticipate your desires and help you make your business as profitable as it can be. The Profit Center is a full service bookkeeping and accounting firm that provides our clients with financial answers that are critical to the success of their business. Our clients vary from small to medium sized businesses and include the following types of businesses: retail, franchising, manufacturing, distribution, consulting, professionals, and not-for- profit organizations. We enjoy the challenges of all our clients' businesses, be they small owner operators, or larger corporations. We work closely with our clients to meet their specific needs. We're confident our team is the best in the business, let us work with your company and watch your profits grow.
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02:40

Canadian-disability-tax-credit-association.ca Money Back

by Gary Booth Chartered (10/16/12) 1 views

Hello, this is Simon Worgan from the Canadian disability tax credit association. Here are some of the frequently asked questions we get all the time. Which disabilities are eligible? We have listed over 50 conditions on our website. There are many disabilities not listed here that may still qualify. If you have an impairment in physical or mental functions which is expected to last more than one year then you could qualify. Who is a qualified practitioner? A qualified practitioner would include a doctor, optometrist, audiologist, occupational therapist, physiotherapist, psychologist and speech-language pathologist. It can be very time consuming to obtain the information from the qualified practitioner. We have the experience to speed up the process so that everything is completed in an accurate and timely manner so that you can get your refund ASAP How long does it take? The average time is about 16 weeks to six months to receive the disability tax credit payments. They are usually made in three month installments. You don’t have to pay taxes on this money, it is non-taxable. Who can claim the disability tax credit? The person with the disability can make a claim or you can claim for your children, your parents or someone who is dependent on you. If the person with the disability does not have income to qualify then you can receive the money for them and help them out. How much does it cost? There are no up front fees. You don’t pay until we get you a refund. Our team will do all the work to ensure that you get the money you deserve as soon as possible. We will complete the entire application process, including communicate with your qualified practitioner, file with Canada revenue agency and maximise the benefit by transferring any unused credits. Call us today at 416 626 2727 or send an email to disability@cantaxcredit.ca or visit our website at www.cantaxcredit.ca and complete the on line application. We look forward to hearing from you.
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02:21

Canadian-disability-tax-credit-association.ca Tax Refunds

by Gary Booth Chartered (10/16/12) 0 views

Hello, this is Gary Booth from the Canadian disability tax credit association. We urge anyone who has a disability, and has not yet claimed a disability tax credit on their personal tax return to contact us for a FREE evaluation to see if you would be eligible to make a claim. A question many people ask is What is classified as a disability? This is an impairment in physical or mental functions which is expected to last more than one year. Another question people ask is ? Who can make a claim? The person with the disability can make a claim or you can claim for your children, your parents or someone who is dependent on you. If in doubt, contact us and we will review your circumstances. If approved by Canada Revenue Agency you could be entitled to a significant tax refund, which could include a retroactive claim of $15,000 plus annual future credits and also registered disability savings plan qualification status. In order to collect this money you must apply and we can help you. You can talk to one of our consultants who will evaluate your circumstances or you can complete our online inquiry form. There are no up front costs. If we don’t succeed in getting you a refund you don’t pay anything. W e only get paid if we are successful. Call us today at 416 626 2727 or send an email to disability@cantaxcredit.ca or visit our website at www.cantaxcredit.ca . We look forward to hearing from you.
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01:36

Moving or Relocating to or from UK (London, England) Canada-re

by Gary Booth Chartered (6/6/12) 0 views

http://www.canada-relocation-tax-help.com Hello, this is Brandon from canadianrelocationtaxhelp.com. If you are immigrating to Canada from the UK or emigrating to the UK, your tax situation can get very complicated. Your residency needs to be determined and taxes are based on your residency. We are a team of professionals who specialize in preparing the Canadian Tax returns in these situations. A question which many people ask is what happens if you keep a rental property in Canada when you leave Canada? In this situation, there are various forms that need to be completed and various tax implications you need to be aware of. Also when the property is sold, additional forms need to be completed. Failure to correctly complete these forms can result in significant penalties. Another important question that people ask is what criteria are involved to make a person a non-resident. The answer is not so simple. Residency depends on many factors such as location of your permanent home, family ties, bank accounts, driving licence etc. We have extensive experience in working with people in these situations and many others. We would be pleased to assist you. Call us at 416-626-2727 or visit us at canadarelocationtaxhelp.com to discuss how we can help you. You can also send us an email at taxes@savetaxpro.com. We look forward to hearing from you. Thank you.
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02:11

FBAR Tax Filing - US Citizen or Green Card Holder in Canada Us

by Gary Booth Chartered (6/6/12) 1 views

FBAR Tax Filing - US citizen or green card holder in Canada ustaxesanditin.com http://www.us-tax-returns-itin-agent.com/ Hello. This is pratik from ustaxreturnsanditin.com. Today I am going to discuss three tax responsibilities of being a US citizen or green card holder. The most important point is that even if you do not have any income, investments or properties in the US, you are required to file a US Tax return and declare your world income.If you don’t file, there could be severe penalties and even criminal charges. A second important point is do you have investments in Canada or any foreign country valued over $10,000? If so, you are required to file FBAR for reporting these investments. This is a very important reporting requirement. If not filed, there can be significant penalties of up to $10,000 each year not filed. There could be criminal charges as well. A third important point is if you are a shareholder of a foreign corporation, you are also subject to additional filing requirements. A completion of Form 5471 is required. This is a complicated form and professional advice for the completion is recommended. In conclusion, we want to emphasize that IRS has become very aggressive in pursuing non filers of US Tax returns and reporting requirements. Now is the perfect time to get up to date with your filing requirements because as IRS has reintroduced the Offshore Voluntary Disclosure Initiative. This allows individuals to significantly reduce penalties. We are currently working with numerous people in a similar situation and would be pleased to assist you. Call us at 416-626-2727 or visit us at ustaxreturnsanditin.com to find out on how we can help you. You can also email us at itin@garybooth.com We look forward to hearing from you. Thank you.