WHAT'S NEW?

• RRSP maximum for 2011 is $22,450.
  • Eighteen percent of earned income to a maximum of $22,450.
  • If you belong to an RPP with your employer you will be subject to the Pension Adjustment which appears on your T4 slip from your employer each year

Taxation Services

• Individual tax preparation
• Self-employed tax preparation
• Corporate Income Tax Preparation
• Tax preplanning
• Electronic Filing

Accounting & Bookkeeping for Small Business

• Unaudited Financial statements
• Computerized bookkeeping
• HST remittances
• Payroll and WCB services
• T4 and T5 slips and summaries
• Budgeting and cash flow analysis

Computer Training

• Accounting software training and ongoing support
• Microsoft Office software training
• Internet and email applications
• Database applications
• Tax software training

• Effective 2011 Arts Tax Credit
  • Announced in the 2011 Budget
  • Children who participate in fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture, tutoring and more will be entitled to a non-refundable tax credit up to a maximum of $500 of the cost of the program and the tax savings will be as much as $75 per child.
  • To find out more go to www.cra.gc.ca/artscredit.


• New Tax Credit for Volunteer Firefighter
  • A non-refundable tax credit available to volunteer firefighters in the amount of $500 for a total tax savings of $75
  • Make the deduction on line 232 of the T1 General
  • Firefighter must serve 200 hours of volunteer work per year effective January 1, 2011
  • Can reduce income taxes they have paid or will owe at tax time by as much as $450.
  • For more information about the volunteer firefighter's tax credit, go to www.cra.gc.ca/firefighter.


• Tax Relief measures available to victims of natural disasters in Canada
  • The June 15th deadline for self-employed individuals and their spouses has been given special consideration if they cannot meet their tax obligations due to a natural disaster. Taxpayers should submit their request in writing using form RC4288, Request for taxpayer Relief.
  • The CRA will consider these requests on a case by case basis.


• Tax Relief measures available to victims of Spring Flooding
  • The CRA can provide relief to these taxpayers if they were unable to file their personal income tax returns and pay any balances owing before midnight May 2nd due to flooding. Business owners and self-employed individuals who were unable to meet their filing and payment obligations are also eligible for relief.


• CPP Pensionable earnings ceiling for 2011 up to $48,300.
  • The basic exemption amount for 2011 remains at $3,500.
  • The employer employee contribution rates remain at 4.95%.
  • Self-employed contribution rate remains at 9.9%.
    
  • Maximum employer-employee contribution for 2011 is $2217.60 and self-employed is $4435.20.

If you have any questions regarding any of the above deductions please call 1-800-959-8281 for individuals and 1-800-959-5525 or use the CCRA website at www.cra-arc.gc.ca.

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