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Tag: Federal Budget

Federal Budget Canada 2013 Highlights

Federal Budget 2013 CanadaCanadian ruling Conservative government tabled its new federal budget for 2013 on Thursday, March 21, 2013. According to the Finance Minister Jim Flaherty latest budget will boost Canada’s economy. Flaherty says he is emphasising on top three main pillars that are skills training, manufacturing and infrastructure.

Here are some of the highlights from the federal budget Canada 2013:

  • 2013-14 forecast; revenues at $263.9 billion, spending at $282.6 billion and deficit at $18.7 billion, where deficit is projected to drop to $6.6 billion in 2014-15 and become $800-million surplus in 2015-16.
  • Development of a new Canada Job Grant program next year to train workers, it will be negotiated with provinces by next year to replace existing $500-million labour market agreements. $241 million over five years for First Nations skills training. New programs will promote apprenticeship and also measures will be introduced to improve skills training for the disabled.
  • $900 million in new spending, no new taxes or tax cuts.
  • $400 million in revenue from closed tax loopholes and enforcement.
  • An improved and expanded tax break on expenses for families adopting children.
  • Special tax break for first-time charitable donations to encourage young people to come up.
  • Super tax credit to encourage young Canadians to donate.
  • Snitch line and rewards to catch international tax cheats.
  • Gas tax fund for cities to increase two per cent each year.
  • 2 year extension of an accelerated capital cost allowance to help manufacturers.
  • New 10-year, $14.4 billion infrastructure fund starting in 2014.
  • $1 billion over 5 years for aerospace industry and research.
  • Infrastructure spending of $47 billion over 10 years, starting next year (2014).
  • Refund for veterans’ funerals and burials doubled to $7,376.
  • For small business, extension of EI credit for new hires.
  • $119 million over five years to transition homeless off the streets.
  • $100 million over two years to support housing construction in Nunavut.
  • Tariffs eliminated on baby clothes and sports gear, including skates, hockey sticks, skis and golf clubs.

Flaherty says it’s not a budget but an economic action plan on what he was optimistic about achieving the government’s economic agenda. As most of my blog readers wants to know about its impact over mortgage market, here’s an interesting article from FinancialPost that may help them in finding out their concern on major financial product mortgage loan; the federal government is once again cracking down on Canada Mortgage and Housing Corporation (CMHC) and the mortgage insurance sector.


The Tax Free Savings Account (TFSA) Overview

TFSA Basics

It started with a concept that saving money should be for everyone; All the Canadian residents who are at least 18 years old can now save up to $5000 each year through The Tax-Free Savings Account – a flexible, registered account that allows earning a tax-free investment income that can help you meet short as well as long-term goals. Canadian TFSA will create a new wave to savings and investment.

What is TFSA?

Web definitions: “The Tax-Free Savings Account (TFSA) is an account, which provides tax benefits for saving in Canada. Contributions to a TFSA are not deductible for income tax purposes. Investment income (including capital gains), earned in a TFSA is not taxed, even when withdrawn.

History of TFSA

It was introduced by Jim Flaherty, Canadian federal Minister of Finance, in the 2008 federal budget and came into effect on January 1, 2009. This was the time when recession was on its peak when every other government throughout the world was trying to stimulate spending, not saving. Canadians are awarded with TFSAs permit of Tax savings to tuck away up to $5,000 a year on which there is nothing to pay in taxes on whatever that money earns.

The C.D. Howe Institute As supported this measure: “This tax policy gem is very good news for Canadians, and Mr. Flaherty and his government deserve credit for a novel program”.

Benefits of TFSA

The Tax-Free Savings Account (TFSA) is a new investment option for Canadian residents 18 years and older to earn tax-free investment income to more easily to meet lifetime savings needs. It offers flexible form of investment that allows holder to withdraw money from his/her account at any time, free of taxes. Its allocations into the account are non-deductible; however it represents a lucrative opportunity for the individuals with leftover income to invest in a productive savings, without the burden of time constraints. The Tax-Free Savings Account (TFSA) also complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

TFSA holds a carry-over nature, that’s why any unused portion under $5,000 cap can be carried forward to subsequent years, without any upward limit. It also allows income splitting to an extent, which allows a higher-earning spouse can contribute to the TFSA of a lower-earning spouse.

Investment income in a TFSA are not taxed, even when withdrawn, whether you are earning in interest, dividends or capital gains. This tax-free compound income means that your money will grow more quickly inside a TFSA in relation to your taxable account. Moreover, an annual contribution limit of $5,000 per year will be indexed to the Consumer Price Index (CPI), in $500 increments, assuming 2% inflation, it will go up to $5500 in 2012.

TFSA’s Eligible Investments

Stocks, bonds, mutual funds, GICs, ETFs, savings accounts and else, TFSA can hold any investments that are RRSP eligible, also includes: eligible shares of private corporations, publicly traded shares on eligible exchanges, various debt obligations, installment receipts, money denominated in other currencies, trust interests like mutual funds and real estate investment trusts, annuity contracts, warrants, registered investments, royalty units, partnership units, depository receipts, and rights and options.

How TFSAs different from RRSPs?

Tax treatment of a Tax-Free Savings Account (TFSA) is opposite to a Registered Retirement Savings Plan (RRSP), there is a tax deduction for contributions and withdrawals of contributions and investment income are all taxable with RRSP. On the other hand, there is no tax deduction for contributions to TFSA, and also there is no tax on withdrawals of investment income or contributions from the account. Every person is entitled for investment money up to $5,000 per year that can be placed into a TFSA. This amount can then be withdrawn without penalty and a time limit. Unlike RRSP’s that must be withdrawn before the holder reaches 71, where the TFSA doesn’t expire. Moreover, the contribution room for the funds withdrawn from a TFSA is reallocated in the tax year after the withdrawal, unlike the RRSP, where the contribution room is permanently reduced once the contribution is made.

In the words of The Canada Revenue Agency (CRA) that describes the difference between a TFSA and an RRSP: “An RRSP is primarily intended for retirement. The TFSA is like an RRSP for everything else in your life“.

Does TFSA require expansion?

According to Stephen Harper’s latest proposal it would double the contribution limit to the Tax Free Savings Account (TFSA) to $10,000 a year; Harper pledges to raise tax-free savings limits. It’s good news for people who are already rich enough to get more tax credit on their easy savings and the banking sector that would willing to see expansion of the TFSA that mean they will get more deposits, more lending and resulting in more profits. The richer would get a bigger tax shelter. But on the other hand there is no broad based demand to double the limit. Indeed, TFSA is a good program and rather than expansion it should be capped.

I always appreciate Stephen Harper and his government because these people have to face a biggest global recession and have successfully handled in keeping up our dollar value but our economy is still under pressure with a group of those people who are still unemployed, without enough savings to invest into future and looking for the better jobs and if it’s really mandatory to go for an expansion then people with financial concern really want to know about:

  • Have the majority of the Canadians already taken the TFSA program?
  • How TFSA expansion will affect future tax revenues?

It seem there are lot of people who don’t agree with a TFSA expansion program; Armine Yalnizyan is a senior economist with the Canadian Centre for Policy Alternatives, here’s you can also read his own findings, Who really benefits from TFSA? The wealthy, for sure.

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Great Saving For The First Time Home buyers

Are you ready to buy a home?

Buying a home is exciting but stressful task that most of the people have to gone through at least once in the lifetime. Before making decision to buy a home, this is your responsibility to look into your pocket and the market both because your smooth financial life depends on the right time and your affordability. Are you financially ready to take advantage of this right time to get a title as a home ownership?

Thinking of buying your first home now that rates have gone down? Good news for those getting into the real estate market. The federal budget introduced earlier this year contains new incentives to help first-time home buyers.

  • Closing costs can be a sizable expense when buying a property, and the budget also provides up to $750 in tax relief to help with the purchase of a first home.
  • Under the popular Home Buyer’s Plan, first-time home-buyers will be able to access up to $25,000 or $50,000 per couple from their RRSP (Registered Retirement Savings Plan) for a down payment to purchase or build a qualifying home.. that’s a $5,000 increase.

In my view this is an excellent offer that helps first time homebuyer in making his or her decision easily because it holds maximum savings which could be utilized into other compelling dreams to fulfill while living in will always remind you, your success over your personal finances.

Consult your mortgage professional for the expert advice specific to your case and requirement. Remember, This investment opportunity is so hot that have made every mortgage consultant so versant to provide unbiased mortgage advice to first time homebuyers.


Federal Budget Canada 2009! Consumer Tax Credit and Savings For General People and Households

IMF’s last Friday declaration about current year’s global economic situation is unfavorable and claimed to be a year 2009 as the worst year than the previous one, although this is only a prediction but remember hundreds of billionaires disappeared in last year’s financial carnage, its an other thing despite losing nearly $20 billion, Microsoft’s Bill Gates remained at the No. 1 position as a richest person of the world. I am sure he already hold enough capital lead among its competitors, which helped him in regaining his position back. One of the main reason being most fall outs, strategies were not invented last year, but now we have learned too much from our last economic turn down and we can’t excuse our failure this year because we have gone through with our life’s worst experience.

Don’t worry Government will do definitely even more than its financial capacity that will reflect through its budget statement but as a consumer you should need to revise your spending habits, saving is the most powerful strategy that will give you confidence over your life beside building capital. I am not asking you to sacrifice your comforts but to keep your smile throughout your life; you should adopt a way that no body else but the time is asking you to do. Our most part of earning goes to ward paying off our liabilities over the loans we have taken for various reasons. Reason is valid or not you are the only person who can better judge because you will not find any financial consultant who holds magical power to knowing a person without asking questions and also its not possible in limited time in which you are offered a tea with a question that replace the need to add sweet in it, oh! you don’t take sugar but I wish your life may always have the taste.

Highlights Of The Budget Tax-Relief Measures In General:

  • Single person earning $40,000: Saves $115 in federal income taxes.
  • Single parent of two children, earning $35,000: Saves $66 in federal income taxes; child benefits increase by $436.
  • Single senior earning $30,000: Saves $183 in federal income taxes (partly through increase in Age Credit).
  • One-or two-pension senior couple earning $40,000: Saves $366 in federal income taxes (partly through increase in Age Credit).
  • Married couple with two children, parents earn $45,000 and $85,000: Saves $483 in federal income taxes.
  • Married couple with two children, one parent earns $90,000: Saves $350 in federal income taxes; child benefits increase by $76.
  • Retired couple, earning $65,000 and $20,000 in pension income: Save $631 in federal income taxes (partly through increase in Age Credit).

Moreover, in relation to Basic Personal Amount and Tax Brackets: Budget 2009 increases the basic personal amount by $720 than last year (raises $10,320 this year) as well as the two lowest income tax brackets, with effect from January 1, 2009. This will allow more money to stay in the 15% (raises to $40,726) and 22% (raises to $81,452) tax brackets. For an individual with taxable income over $82,000, these measures will result in tax savings ranging from $317 to $483 per year, depending on the family composition of the taxpayer.

Home Renovations An Attractive Tax Credit

For many Canadians, new incentives recently announced in the federal budget will make a home renovation project more attractive that includes a home renovation tax credit of 15 per cent of the cost of your project, up to $1,350.

The variety of expenditures that qualify for the tax credit is wide. Among them:

  • Renovating your kitchen, ceiling, bathroom or basement.
  • Insulation and Painting your house.
  • Installing new flooring.
  • Replacing your heating or air conditioning system.
  • Replacing your lawn with new sod.

To qualify, your project has to be more than $1,000 and the credit tops out at a $10,000 ceiling. This is a non-refundable credit, which means it will reduce your taxes owing, but remember you don’t receive the cash if you have a positive balance. Moreover, if you go green with your renovations, you can also cream out the renovation credit can be claimed on projects that also qualify for up to $5,000 with the federal ecoEnergy Retrofit Program. If you are really serious about adopting your spring renovation, the materials and labour for the project need to be purchased before February 1, 2010.

There are also other attractive opportunities that general people may get tax credit for such as RRSP Home Buyers Plan, First Time Home Buyers, Lower Taxes for Small Business with several business support programs will get a much-needed infusion of funds, increasing the Maximum Employment Benefits claim period from 45 weeks to 50 weeks, higher transparency requirements by credit card lenders, and starting a federal financial literacy program.

Federal Minister of Finance Jim Flaherty presented government’s budget on January 27, 2009, that provides an economic stimulus of almost $40 billion over two years, contributing to projected deficits of $33.7 billion in 2009-10 and $29.8 billion in 2010-11. Although this does not gone deficit because of giving relief to the general public because it provides little in the way of new corporate and personal tax relief in relation to its heavy spending (ranging from money for infrastructure projects to aid for worker training, and cash for enhanced employment insurance (EI) benefits). But its good for the future and according to Flaherty, We must do what it takes to keep our economy moving, and to protect Canadians in this extraordinary time (global economic downturn), people will begin to see the impacts of the budget and its stimulus package within about six to 12 months.


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