May 7th and 8th, 2010 Breast Show In Town – Ingersoll’s Elmhurst Inn
http://www.breastshowintown.com/
Mother’s Day Event – Saturday May 8th, 2010 at the Crest Centre – 13570 Elginfield Rd, Lucan ON
I have been sponsoring this great event for the past three years and it is a wonderful day full of activities and best of all admission is free 
www.crestsupportservices.ca
Crest Support Services – Providing quality supports to adults with mental health and developmental disabilities that facilitate full citizenship through personal growth and participation in all aspects of community life.
Events: Silent Auction, Car Wash, Bake Sale, Bedding Plants and Perennials, Delicious Food, Children’s Activities, Train rides with Don Williams, Clowns, Canadian Raptor Concervancy, Let’s Talk Science (experiments) UWO, Children – plant a flower for Mom.
Special Guests: Clown Alley of London, Val Williams and her Critters (10 am and 12:30 pm), Let’s Talk Science (10:30 am & 2:15 pm), Birds of Prey (11 am and 1:30 pm), Yvette Locke, Premiere Female Ventriloquist (11:30 am), Jim Whyard, Karaoke (12:30 pm)
Income Tax Checklist for 2009
As of April 30, 2010 individuals will need to file their income tax for 2009 to avoid late filing fees and interest penalties. If you are self-employed you may wait until June 15, 2010 however if you owe money it’s due April 30.
I have put together this checklist to help you understand some of the statements you may be receiving or should be receiving from the financial institutions. My hope is that this will provide some education and alert you to what information you should be looking for to be ready to prepare your tax return.
If you need any help, as always just let me know. I would be happy to help in any way I can.
T4 or T4a slips for any income earned
T5 for interest income earned from GIC’s or mutual funds
T3 slips for capital gains income
Sometimes tax information will show up on the year end statements. For non-registered accounts you may receive a tax slip if the company paid out a dividend or distribution or if you redeemed money
Tax reciepts for RRSP contributions or withdrawals T4RSP
If you invested in a Labour Sponsored Fund you will also have provincial and federal tax slips for these credits along with T4RSP’s.
T4RIF for withdrawals from a RRIF
All reciepts if you are claiming medical expenses. Remember if you had to travel more than 40 km to see a doctor you can claim these costs.
Include your date of birth and social insurance number
safety deposit rental fees
installment payments receipts
slips for income earned from any source
if you have a capital loss to claim you can apply it to past capital gains going back 3 year of forward indefinately.
rent receipts and property taxes paid
child care expenses
if you child was in a sports program save the receipts as there is a deduction of approx. 15% of the money you spent up to $500
tax-deductible alimony or separation allowance payemnts paid pursuant to written agreements or court orders.
tax-deductible child support payments paid pursuant to written agreements or court orders made before May 1, 1997
tax-deductible interest and carrying charges on an investment or business-related loan
Allowable business investment losses (ABIL). If you invested in a small business corporation you can claim the loss against any incoem which differs from the traditional 50% on capital gains/losses.
Allowable employment expenses
Charitable donations
Rental property income and expenses
Slips for withdrawal of grant and growth from an RESP.
Pension Income Splitting – you can split up to 50% of your eligible pension income with your spourse or common-law partner. Lines 116 and 210 of the return or www.cra.gc.ca/pensionsplitting
Home Renovation Tax Credit – non-refundable credit up to $1350. Line 368 or www.cra.gc.ca/hrtc You may also want to print and gather necessary receipts via schedule 12 see http://www.cra-arc.gc.ca/E/pbg/tf/5600-s12/5600-s12-09e.pdf
Children’s Fitness Tax Credit – non-refundable tax credit of up to $75/child. Line 365 or see www.cra.gc.ca/fitness
Tradesperson’s Tools Expenses deduct up to $500 from your net income under employment expenses or see www.cra.gc.ca/individuals
First time home buyers’ are eligible to a non-refundable tax credit of up to $750 (line 369 of your return) www.cra.gc.ca/hbtc If you were a First time home buyer in the past please watch your Notice of Assessment – at the bottom it will state repayment details.
Public Transit Tax Credit of 15%. A non-refundable tax credit of 15%. Line 364 or see www.cra.gc.ca/transitpass
If you have a child attending a secondary instituion:
The child must reduce their income to zero before any of the education and tuition credits are available to be transferred to you.
If they are transferring credits to you they must complete Schedule 11 and form T2202. Until this is done on their tax return you are not able to claim any of the education and tuition credits.
For details on carry forward see the CRA website at http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completeing/deductions/line300-350/323/carry-forward-e.html
For eligible tuition fees see: http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/deductions/lines300-350-/323/eligible-e.html
If you are withdrawing from an RESP to pay for schooling:
If you withdraw your own contirbutions from an RESP plan you do not pay tax on this money.
If you withdraw grant and or growth from an RESP you will have to claim this on your tax return.
Solutions Magazine – Winter Edition
Click on the link below to read the Winter 2010 Solutions Magazine from Manulife.
Grant Website
www.canadabusiness.ca/ontario
I was talking to my contact Nancy at the Small Business Centre. She is such a great resource. If you are looking for grants for your business see the above site.
The small business centre site is www.sbcentre.ca
