Dean Constand
   Certified General Accountant
      Dean Constand (CGA)
       Corporate | Small Business | Personal | Income Tax | Consultation
   

        Newsletter Page 6 - Toronto Certified General Accountant

      Newsletter September 2008

Personal Income Tax - (Cont'd - Page 6)

       Caregiver Amount – for the “Sandwich Generation”

      Lastly, the caregiver amount is a claim you can make for exactly that: in-home care of a parent/
      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. The caregiver amount reduces your taxes by up
      to $614 (15% of $4,095) federally and $248 (6.05% of $4,092) provincially, for a total savings of
      $862. Similar to the age amount credit where income plays a factor, the tax savings from the
      caregiver amount are reduced when the dependant’s net income exceeds about $14,000, and are
      completely eliminated when the dependant has net income of about $18,000.

       Conclusion

      In conclusion, my objective was threefold with respect to discussing personal tax credit amounts:
      Firstly, to make you aware of them, whether you are part of the “sandwich” generation and taking
      care of both a parent and child at home, or whether you have celebrated your 65th birthday during
      the year. Secondly, to help you understand that you can claim these amounts earlier in the year
      and improve your cash flow during the year. Lastly, to better equip business owners with the
      knowledge of these credits, so that that they in turn can explain and help their employees achieve
      less tax deductions from their pay earlier. Your employees will be happier to understand this,
      instead of just handing them another government form for them to fill out. I am a firm believer
      that your employees are your biggest asset, and happy employees give your business a
      competitive advantage.

       Stay Tuned…

      My next newsletter will continue to discuss the personal tax credits, and discuss the new Tax-Free
      Savings Account.


         Dean Constand C.G.A. publishes this newsletter for informational purposes only.
       Although the material contained within this document has been carefully prepared,
                                      it is not a substitute for professional advice.

            All Rights Reserved Dean Constand Toronto C.G.A. - Copyright ©2008 - 2009
Dean Constand (Toronto Certified General Accountant)                                       Email Contact: accountant@deanconstandcga.com

                              Site Design & Content Copyright ©2008-2011 - Dean Constand
                                              Toronto Certified General Accountant

                                       Dean Constand is a member in good standing of the
                                            Certified General Accountants of Ontario
                                                     
  Tax Tips
map