Tax & Financial Planning Newsletter Archive
Tuition Grant (February 9, 2012)
Students attending college or university in Ontario may be eligible for a NEW grant worth $800 per semester from the province of Ontario.
If you qualify, your application must be received by March 31, 2012 (see link below).
Some of the conditions include:
• You must be a full-time student in January 2012
• Your parent’s gross income must be less than $160,000 (line 150 from their 2010 tax return)
If you receive OSAP, you will automatically be considered for the grant.
Resources:
Ontario Tuition Grant
Canadian Pension Plan (CPP) (January 23, 2012)
The rules have changed effective January 1, 2012.
All persons under 65 receiving wages must pay CPP premiums. In prior years, CPP premiums stopped once you began to receive CPP benefits.
If you are 55+ and own a private company you should consider the cost of CPP ($4,600 per year) vs future benefits. CPP can be avoided by replacing salary with dividends.
If you want to discuss this further, give us a call.
Resources:
CPP Changes (Service Canada)
CPP
Setting Your Financial Goals (January 3, 2012)
Do your New Year resolutions include improving your current financial situation?
Setting financial goals is an important first step to make this happen.
Personal goals could include paying off debts, saving for your child/grandchild's education or better understanding your investments.
Business goals could include increasing revenue or decreasing expenses by a specific amount or percentage.
Once you have determined your financial goals, write them down and share them with your spouse or financial advisor.
We can help you develop an action plan to meet your goals.
Resources:
Steps to Financial Freedom
Creating a Successful Business Plan