Dean Constand
   Certified General Accountant
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        Newsletter Page 2 - Toronto Certified General Accountant

      Newsletter December 2008

Personal Income Tax (Cont'd - Page 2)
  • Ensure that you claim all personal tax credits available to you while you are working so that
    your take home pay is more during 2009 (as discussed in my prior newsletter); your employer
    must give you a TD1 form this January so you can claim the credits listed below (presented in
    order that appear on the TD1 form, with what the credits are worth, regardless of your tax
    bracket):
    1. Basic personal amount – every resident is allowed this amount: tax savings $2,052
    2. Child amount – if you have children under 18 years of age on December 31, 2009, this
      can be claimed by one parent for each child under 18: tax savings $313 per child
    3. Age amount – if you are 65 years old or older on December 31, 2009: tax savings up
      to $1,074
    4. Pension income amount – if you are receiving pension income in 2009: tax savings up
      to $374
    5. Tuition, education and textbook amounts – if you are a full time student in 2009: tax
      savings 22% of the amount of tuition paid plus $99 for each month enrolled in a post-
      secondary institution; if you are a part time student in 2009: tax savings of 22% of the
      amount of tuition paid plus $30 for each month enrolled
    6. Disability amount – if you are suffering from severe and prolonged mental or physical
      impairment in 2009: tax savings $1,513
    7. Spouse or common-law partner amount – if you are supporting a spouse or common-law
      partner in 2009 whose net income is less than $10,100: tax savings up to $1,971
    8. Amount for an eligible dependant – if you are single, divorced or separated in 2009 and
      supporting a child (under 18 at any time in 2009) or parent or grandparent who lives with
      you: tax savings up to $1,971
    9. Caregiver amount – if you are taking in-home care in 2009 of a parent or grandparent
      (including in-laws) who is at least 65 years old, or in-home care of an infirm, dependant
      relative who is at least 18 years old: tax savings up to $883
    10. Amount for infirm dependant age 18 or older – if you are supporting (not necessarily living
      with) a relative age 18 or over because of a mental or physical infirmity in 2009: tax
      savings up to $883
    11. Amounts transferred from your spouse or common-law partner – if your spouse or
      common-law partner has little or no tax to pay in 2009 because of his or her low income,
      you can claim his or her age amount, pension income amount, tuition, education and
      textbook amount, disability amount or child amount if applicable
    12. Amounts transferred from a dependant:
      • if your disabled dependant has little or no tax to pay because of his or her low
        income in 2009, you can claim the dependant’s disability amount
      • if your child or grandchild has little or no tax to pay because of his or her low
        income in 2009, you can claim the child or grandchild’s tuition, education and
        textbook amounts; consider this a Christmas present in advance from your child
        or grandchild!

         Claiming the above personal tax credits early from the beginning of 2009 will
         increase your cash flow, as every little bit helps during this economic downturn.

      New Ontario Senior Homeowners’ Property Tax Grant
  • Property tax grant up to $250 to help senior homeowners at least 64 years old with low and
    moderate income
  • Applications for the grant will be contained in the 2008 personal income tax returns available
    in early 2009
  • Grant will be increased to $500 for 2010 and subsequent years
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Dean Constand (Toronto Certified General Accountant)                                       Email Contact: accountant@deanconstandcga.com

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