What's New?

Personal Income Tax

The basic personal credit has increased to $6794; this may save you between $80 and $100 on your taxes this year. The maximum spousal credit has increased from $5,380 to $5,718. (You can take advantage of this increase if you have a spouse or common-law spouse with a net income of less than $6,290.) Taxpayers earning less than $50,000 will not have to pay any federal individual surtax for 1999; this could save you up to $200 on your taxes this year, depending on your income level. Eligible medical expenses have been modified and now include: tutoring for persons with learning disabilities; costs for care and supervision of disabled persons in a group home; and talking textbooks for students with a perceptual disability. The new Lifelong Learning Plan allows you to withdraw up to $10,000 a year from your RRSP to pay for full-time education for you or your spouse. Straznicky & Associates can help you navigate the often confusing tax system.

Corporate Income Tax

Revenue Canada has redesigned the corporate income tax system. The Corporate Income Tax Redesign will result in changes to the way you file your T2 returns and financial statements, and will offer new filing options. "The Corporate Income Tax Redesign is a major step towards the client-oriented, electronic commerce based tax system we plan to put in place over the next five years." Straznicky & Associates can help you determine how these changes will affect you and can implement the new systems necessary in a timely manner.