Canada's Federal Budget 2011

The Federal Government released it's budget this week. Now the question is what effect will it have on your financial life in 2011?


Although there are no significant changes, due to a impending election, there are some financial programs that are being extended for business along with some tax credits for parents and children. 

Check out the information provided by Gary Schlenker of Grant Thornton Kelowna and a PDF link for more detail. 


Thanks Gary for the information ...

All I Want for Christmas is a Big Tax Refund

The end of year is coming and if you are like me now is the time to hit the mall and the stores in downtown Kelowna to buy Christmas gifts. 


Wouldn't it be nice to wake up on Christmas morning and find a nice gift from the Canadian Revenue Agency, like a nice big tax refund?


This week Gary Schlenker from Grant Thornton Chartered Accountants forwarded on a few ideas on how maximize your tax savings this tax year, and I thought I would share them.

Tax Refund? 5 Things to do with it

Over the next couple of weeks the Kelowna economy will receive a boost as many receive their tax refunds.

For many the plans are being made right now to, go on vacation, buy new living room furniture or treat the family to nice dinner out.

But before you cash that cheque you may want to consider these 5 financial suggestions that could make your financial life better today and in future.

Using Tax Deferral to help Your Retirement

2009 is over and 2010 is here. As we enter the new year we are all recovering from our Christmas financial misadventures, and making new years resolutions for better financial plans for the coming year. The question this time of year is do you contribute to your RRSP?

It is hard to believe The RRSP was created by government in 1957 to encourage individuals to save for their own retirement. Even after more than 50 years many still are unsure of the tax benefits of investing using an RRSP.

To better answer this quest let me introduce you to guest contributor to mikehassard.blogspot.com Gary Schlenker, Manager with Grant Thornton LLP Kelowna on the tax benefits of an RRSP.

Tax Tip - How to make the most effective use of your RRSP.

1. If you make regular contributions to an RRSP, consider applying to have your income tax withholdings reduced on your paycheque, which will improve your monthly cash flow. To do this, simply submit Form 1213 to the Canada Revenue Agency for authorization. Once authorized, your employer will be able to reduce the amount of taxes withheld from your pay.
2. Even though your RRSP administration fee is not tax deductible, you should consider paying it directly, instead of from inside your RRSP – this helps maintain capital in your plan, allowing it to grow on a tax-deferred basis.
3. You don’t need to deduct your contribution in the year it is made, If you are expecting to be in a higher tax bracket in the future, consider delaying your deduction until that time – you will receive a larger tax saving if the deduction is taken when you’re in a higher tax bracket.
4. Considering filing tax returns for children or other low-income earners to creat contribution room that can be used in the future.

For more tax tips, visit our website at www.GrantThornton.ca or contact Gary Schlenker at our Kelowna office at the addresses below.

Grant Thornton

Telephone: 250-712-6892

E-mail: gschlenker@GrantThornton.ca

Thanks again to Gary from Grant Thornton Kelowna.

Mike Hassard Kelowna

Details from the 2009 Budget

I have had many requests for more information on the 2009 budget.

Below is a link to a slide/audio presentation from Invesco Trimark you might find helpful.

Keep in mind to consult with your tax advisor before making any tax planning decisions.