Death, Flogging or 2007 Taxes ... Hmmm...
De
ar
friend:
I hope this 2007 Tax Letter finds you living life large and starting each day as if it where on purpose!
If you are one of the serious players and have chosen 2007 Taxes over Death and Flogging, then read on as this
Tax Letter was written for you!
Not everybody is invited to the party...referrals only!
As you already know,
I only take on new clients that are referred by you, my current client.
Period. No exceptions!
So I ask you, my client, to please only refer:
Clients like you...as I believe, birds of a feather flock together
I am not here to compete with H&R Block, nor anyone else for that matter.
I am not the least cost accountant and that is no accident; it is ON
PURPOSE!
So, when it comes to referrals, if the only consideration is, "how much does it cost?"
PLEASE. I have no "trigger time"
for those who believe that "Price & Cost" are the same
thing.
It is FAR from it, but I have no time to educating new clients on that economic law.
For those that understand, no explanation
is necessary;
For those who do not understand, no explanation is possible!
When you pay me to prepare your return, you have hired a tax sniper to protect
you and represent you when the Tax Man comes a callin.for information; requesting changes or re-assessments.
Having a seasoned, 25 year, battle proven C.A. in your corner is like...
...killing a mosquito with a nuclear bomb!
A defensible result is not the most important thing;
It is the only thing!
As my client, I am not here for you just during tax time.
The critical answers to those "business; financial; tax; marketing. what do I do?"
questions, are but a
phone call or Email away. Your access to this wealth of information,; the answers to
those critical questions I handle weekly; is a full 365 days of every year you are
my client.
This is a "one stop, financial issues, goldmine that can ...
... literally save you thousands of real hard earned, tax paid dollars!
Price is what you pay;
Value is what you get!
I love helping my clients reach their goals so take advantage and plunder into the treasure chest of
information at arms reach. Did you know I have a black belt in Chutzpah?!
My goal is to give more service value
then dollar value I receive.so make sure you
get your money's worth!
Unless you want to be hunted down like a rabid, nasty smelling mangy mongrel;
Your accounting fee IS due when you sign your return
...thanks evah so much!
Register your E mail address at my Website.
.as more and more I am sending out up to date information: my monthly newsletter and other pertinent
news using the internet highway. I would not want you to miss out and more importantly:
I want you to get your money's worth!
It's not worth it to have that much irritation in your life.
For a stress free tax time get me your tax stuff in early March!
OK you New York Giants fans.let's
start moving the ball downfield! If I have prepared your return in the past, you have the option of getting all
your information together and just dropping it off at my office without worrying about
booking an appointment.
This is not an option for new clients!
New clients and those that need to see me, must book an
appointment! You should first try and book
by E mail. Just suggest 3 or 4 convenient times and dates and I will get back to you within 24 hours
with a confirmation.
Keep in mind; you have a better chance at an afternoon or evening (till 8 PM or so) appointment.
You can also book your appointment by calling my executive assistant Joanne
at Ext - 29.
If you are required to make a tax appointment, they will start in the 1st week of March.
Don't tell me about the labour pains...SHOW ME THE BABY!
Coppers - very important that you complete the Copper Worksheet with paid duty & court appearance
information, before I can begin working on your return. You can print out this form from my web site and
please register your E-mail address at my websitel!
Also be sure to bring a signed T2200 and paid duty printout.
Leave a business card in the package you're dropping off for the 2007 Copper
Draw.you may get
lucky!
Who knows? Check the website because you might be one of the 25, 2006 winners!
If so, please call Joanne at Xt 29 so she can get your prize ready for pick-up when you come in.
Other forms to bring or drop off
Notice of Assessment - from your 2006 return and if you are a new client, please bring
a working copy of your 2006 return
Self-employed income - be sure to go to my web site and printout the S2124 and complete
as much as possible.
Some of the other slips and receipts required to bring
Do NOT send me your auto repair bills; gas receipts; court cards, laundry receipts,
510 Tim Horton slips;
'Happy Ending 2 dollah' massage chits or other expenses you think are deductible.
Do give me the totals of what you think are applicable
expenses. . I am not here to audit your stuff. I am here to represent you. I am on YOUR side! If it is not reasonable
or deductible, I will not include it!
Do provide: RRSP contributions, childcare expenses (signed receipts with SIN # from
your caregivers),
donations, medical expenses, tuition T2202A and charitable donations. Please total all
receipts.
This will provide a check for me if something is missing.
.
When you come to sign...very important!
When your return is completed and checked, my executive assistant, Joanne will call you to book your very own
signing appointment. Short of choosing Death. over Taxes, you're not gonna want to call
Joanne to tell her you cannot make your appointment!!
No, unless you are up visiting my friend Ivan Provost and his girlfriend #### up in Nunavut; ya might as well just
call back in May.sometime.maybe.if you miss THAT appointment!
Again...If for any reason you need to
get in touch with me during tax time use Email or call Joanne XT-29.
Life is not the way it's supposed to be;
It's the way it is.
RRSP deadline
The best time to plant a fruit tree is 20 yrs ago...the second best time, right now!
Here is Charlie (Warren Buffet's partner) Munger's foolproof system of achieving financial security:
"Spend less than you make; always be saving something; put into a tax-deferred
account."
Ahh ..when one of the worlds best ever financial minds who is worth over 2 Billion $'s speaks.
The "smart" listen and act on what they hear!
The deadline for the 2007 tax year RRSP's is Friday February 29th, 2008.
Besides the current tax deduction, the RRSP can help you buy your first home (HBP)
or even help you
save for education (LLP)
Labour Sponsored RRSP contributions up to $5000, still result in an additional 30% credit. Some funds
may mitigate some of the risk again for the 2007 tax year so shoot me an Email. and remember as always,
when the government offers you free money, it is impolite not to accept
You wouldn't want to be impolite, would you?
And now.Some of the BIG 2007 Federal Tax Changes!
1. Split-pension income - Hey, if you're old these truly are "the good ol days!" New for 2007 tax year you can elect to split your pension income! There is a new form; joint election; must be signed and filed by both parties; Big bonus - can get an EXTRA $2k Pension credit!
You may be old brotha, but you are Rockin this tax ship!
2. RRSP deduction Age limit -Age limit to contribute to an RRSP is now 71 from
69 yrs young. At end of yr taxpayer becomes 71, neither taxpayer nor spouse can contribute to RRSP of which taxpayer
is the beneficiary. However, if ya still got the room, taxpayer CAN contribute to a spousal RRSP till spouse
reaches 71! While there are numerous disadvantages to having a much younger spouse girls ,i.e. being
worn out every day; here is a big plus!. Old is getting SOOO Kool!
3. UCCB repayment - Now you may have to repay the Universal Child Care Benefit
reported in 2006! Not only where you taxed on this in 2006, but now you actually may have to pay it back! Whooo . wus up wit dat?
Some good news. The person who reported in 2006 can deduct an amount repaid.
Like thanks for not taxing me 3 times for the $100/mo/child 'so called' gift!
4. Children fitness amount - OK, here's the carrot to the #3 UCCB fiasco. The
max credit is $500 per yr per child for 2007 expenses to enroll the child in a program of "prescribed"
physical activity. Your child must be under 16 yrs at 'beginning' of the year, or under 18 if disabled. In fact,
you can claim an additional $500 if disabled. IF the expense is ALSO eligible for childcare, MUST
be used for childcare
unless limit reached.
According to Government estimates, Fatso kids should decrease by 14.8%!
5. New credit for children born in 1990 or later - No
one saw this one coming!
New in 2007, $2000 can be claimed for each child under 18 at end of the year. Full amount can be claimed in the
year of birth or adoption! Either can claim if living with both parents; if not, parent with eligible dependant
claim gets it; personal credits exceed taxable income entitled to transfer unused amount.
6. Scholarships and fellowships (S&F) for primary or secondary school -
You may recall in 2006 S&F became non-taxable for a student entitled to a T2202A. Well, starting in 2007 this
is extended for primary and secondary school! Yep, if you have a gifted tambourine player and a Nursery or kindergarten
scholarship is received, your child NO LONGER has to take the S&F into income! Write this one on the back of
your hand before you forget!
Estimated Canada wide annual cost of this program..121 Canadian Dollah!
7. Meal expenses for Long-Haul Truckers (LHT) - the deductable portion for certain
meal x's (food & beverages) consumed during 'eligible' periods of travel (at least
24 continuous hours away from
municipality and going at least 160 km's from residential or business location). has been increased from 50% to
60% as of March 19, 2007 to December 31, 2007. The future rate gets even better! It
will be 65% in 2008 and will reach 80% in 2011.
8. Capital gains deduction - Threshold increase - After march 18, 2007 the lifetime
capital gains exemption on disposition of qualified farm and fishing property or small business corporation shares
will be increased from the current $500k to $750k.
9. Increase in spouse or common-law partner amount - This claim can now be made
if spouse net income was less than $9,600.
This becomes the new Federal non-taxable amount that anyone can earn!
(For a potential $5000 tax savings because of this change, read my non-public January 2008 Newsletter.
Not on my monthly Newsletter list? Email
me and ask to be invited.)
In addition, the 2006 1st $751 blockage has been eliminated for 2007.
The Mormon's with multiple spouses were dancin in the streets when they heard this one!
10. Canada Employment amount - Big increase - This amount has increased from
$250 in 2006 to $1000 in 2007! Hell yes; go put on that party dress!
11. Rules for Public transit passes expanded - In 2006 a taxpayer could claim
the cost of monthly (or longer) public transit passes.
Well, starting in 2007, you can also claim the cost of shorter duration passes, "if"
each pass entitles to
unlimited travel for an uninterrupted period of at least 5 days.
A sufficient number must be purchased to cover 20 days within a period of 28 days.
Furthermore, new in 2007, the cost of an electronic payment card used for at least 32 one-way trips during an uninterrupted
period not to exceed 31 days. Did you get that?
OMG! .who thinks up this sh-t? Those tax change dude's where definitely on acid for
this one! Like just
make all transit costs claimable! Duuuhhh!!
12. New refundable credit 'Working income tax benefit' (WITB) - OK,
I saved the best for last. If you had self-employed income or employment income of at least $3000 (Whhooo.talk
about raisin the bar, eh?)The credit equals 20% exceeding this high earnings number up to a max
of $500 (if you live alone .or with pets) or $1000 if you have a spouse or eligible
dependant. Now, don't start spending that money quite yet! If single your income needs to be under $14,500 or not
single $24,500.
Apparently the qualifiers all know each other cause they would have to be sharing a tent under
the
Gardner to survive! If that wasn't enough, you need to be 19 or older (although 11
yrs old and married
would qualify) cannot have been confined in a prison for more then 89 days (OK.I have
had just about
enough!) and finally, if you died after June 30th 2007 you MAY be eligible for this
credit!
So, if you are both dead AND qualify for the WITB, come see me, I will totally, 100%,
waive my fee!
Life may not be the party we hoped for,
But while we are here we might as well dance!
End of Tax Season Party
Bringin the party & Closin the deal!
On Wednesday April 30th 2008 we will again have our host of characters at the same location as last year, namely:
La Vita Banquet Gala & Convention
Centre located
at 4000 Steeles Ave West in Woodbridge
That is west of Weston road on the North side. The fun will begin at 9:30 AM and go
till 6:30 PM.
So come join us for a breakfast of fresh bagels and all kinds of assorted food stuffs.
As in past years, expect to get your caricature done (Bob Sherwood we love you man!) a relaxing massage (Elyse
you're TOO good baby!) some games of chance and assorted fun things.
Did I mention the sweetest four letter word to the ears of any self respecting copper .
FREE!!!!
I look forward to seeing you all soon.in the meantime, be awesome, .keep smiling,
think great, play loud, live premium and most importantly, BE GRATEFUL!
Whooo Haaaa some space! How bout some quotes?!
The steps to success are simple: Decide what you want.
Determine the price. Pay the price. Bunker Hunt
Being defeated is often only a temporary condition.
Giving up is what makes it permanent. Marilyn vos Savant
"Imagination is more important than knowledge." - Albert Einstein
"We tend to get what we expect." - Norman Vincent Peale
You never lose an opportunity - it just goes to someone else.
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