What Is the Capital Gains Tax?Capital gains are the profits realized from the sale of capital assets, such as stocks, bonds, and property. The capital gains tax is triggered only when an asset is sold, not while the asset is held by an investor. However, mutual fund investors could be charged capital gains on investments in the fund that are sold by the fund during the year.There are two types of capital gains: long term and short term; each has...more
Impact of tax amnesties on offshore FSThis report introduces Datamonitor's proprietary Tax Amnesty Assessment Index. It is a quantifiable assessment framework of 15 criteria, grouped within five critical amnesty conditions, that can be used by offshore banks to determine the likely impact of any announced amnesty on their assets under management.( http://www.bharatbook.com/detail.asp?id=134192&rt=Impact-of-tax-amnesties-on-offshore-FS.html...more
Each year millions of Canadians scramble to get their tax papers in order. Each year, many of these same Canadians are scrambling to find out what new tax rules have been introduced as well as what old tax rules have been changed. Many of these changes stem from the federal budget being brought down at the beginning of 2009. These major tax changes can easily affect how much personal tax you will pay and for most people, it pays to know the changes. Here are some of the key changes:The introduction of the tax-free savings account was unveiled in the 2008 federal budget but one was not able to set it up until 2009. Millions of Canadians have set up their TFSA, making this account widely popular. If you did not contribute last year, you can still do so by adding up to $10,000 this year, which is the equivalent of the $5,000 allowance from 2009 combined with the $5,000 allowance for 2010.The first time homebuyers tax credit is another measure from the 2009 federal budget. If you purchased your first home after January 27 2009, you may be entitled to the first-time homebuyers credit. You can find this claim on line 369 of Schedule 1.Another 2009 budget adjustment was a boost in the...more
It's tax season again and what a confusing time for Canadians who have not been keeping up with all the new tax rules and changes. Filing annual personal income taxes is trying enough, but combine that with the software choices and changes, well, it does not necessarily make for a pleasant experience. Among the many things there are to know when it...more
IRA contributions usually affect your current taxes in positive ways. It's basically a way to save money for your retirement on a tax-free basis now (in other words, you don't pay tax on the income you plop into an IRA until you take it out), so that you'll have something to live on after you retire and no longer have an earned income. In addition...more
Meade Accounting and Taxation Expedites Tax Preparation in Richmond HillDoing tax preparation can be complex, cumbersome and time consuming and Meade Accounting and Taxation [Meade Tax Help] removes those concerns by expediting tax preparation in Richmond Hill and other areas. Their tax preparation services enable clients to comply with tax laws that result to cost savings and peace of mind. Meade Tax Help achieves total client satisfaction by blending its expertise in tax preparation services with an effective personal approach.Meade Tax Help's well known tax services include tax preparation for individuals, small businesses, corporate income taxes, multi-year returns, tax audits and financial statements.Meade Tax Help tax preparation service is a safe, comforting and professional experience for individual clients in Richmond Hill and other areas. Meade's tax professionals will ensure meeting the individual client's income tax preparation needs.Meade Tax Help tax professionals intimately understand small business operations and management and this assures their expertise at small business tax preparation and the completion and filing of the necessary income tax returns. They have...more
In Part I, we discussed the different tax brackets for the Regular Tax and for the Alternative Minimum Tax, as well as the AMT exemption. For 2009 for married couples filing jointly (MFJ) the AMT exemption was $70,950. In this article we will...more
If you're like me then you spent far too much time ignoring your family last night in favor of the 2010 NFL draft on ESPN during primetime television. In years past the draft has held its most popular segment the first and second rounds on...more
Few of us love paying taxes, and small time investors are not exceptional. Although we might from time to time be proud of our patriotic duty of paying taxes, we are mainly angry because of the way that we feel that the government is misusing the...more
Reducing Your TaxesThis is only a brief overview but hopefully it has started you thinking. For some, the saving might be small or, at worst, you will discover that you are now certain that you are not paying too much tax. For others, a review could...more