Mcwalter & Associates
22 John street North L8R 1G9 Hamilton, ON, Canada

DO YOU KNOW THAT.. In 2012, Ontario introduced a refundable Healthy Homes Renovation Tax? (HEALTHY HOMES RENOVATION TAX CREDIT) Credit, which is designed to assist senior citizens with the cost of permanent home modifications required to improve accessibility or assist with mobility to and within their home. This credit is calculated as 15 per cent on up to $10,000, or $1,500, to cover eligible annual expenses (e.g., wheelchair ramps, widening passage doors, hand rails in cor...ridors), among other qualifying expenditures. Couples who are living together may only claim up to $10,000 in qualifying expenses in total. Family members who live with an elderly relative may claim this expense on behalf of the household. Couples who live separately because of medical or other reasons may each claim up to $10,000. For the 2012 tax year, eligible expenses will qualify for this credit if they were incurred between October 1, 2011 and December 31, 2012. In future years, expenses can only be incurred within the corresponding calendar year See more

RRSP time Here are few Tips 1. Check your limit before going for your 2011 RRSP a. Check with your 2011 Notice of Assessment. b. The Maximum Contribution for 2...011 is $23,820 and 2012 is $24,270 You risk being charged a 1-per-cent penalty tax for every month you are in an over-contribution position. Revenue Canada has improved its system for tracking registered retirement savings plan contributions in recent years, making it much easier to catch those who go over their limits. Exceptions Contributions up to $2,000 in excess of RRSP limits can be made without being subject to a penalty tax. However, you cannot claim a deduction for the excess amount. While RRSP withdrawals are taxed, the Home Buyers' Plan and Lifelong Learning Plan allow you to withdraw money from your RRSP without penalty as long as they are paid back within certain time frames. If the money is not repaid, it will be considered income. DO NOT FORGET THE TIME LIMIT FOR THE 2011 Contribution!