Willoughby Financial 1.84

Happy 2014!!! I hope everyone had a great 2013.

Once again it is time to organize your receipts for the preparation of your 2013 income tax return.

In order to ensure your timely preparation, please have all your receipts and your 2012 Notice of Assessment. If you pay quarterly installments, please bring in the Installment Payment Summary you should have received sometime this month.

Here are some of 2013 Highlights

Basic Personal Amount Deduction - $11,038.00
Age Amount Deduction – 65 or older by Dec.31’13 -$6,854.00
Spouse (Depending on income) - 11,038.00
Child under 18 - 2,234.00
Disability Deduction - 7,697.00
Pension Income Amount (On private or RIF pensions) - 2,000.00
Canada Employment Amount - 1,117.00

Other High-lights to Remember

First Time Home Buyer Tax Credit up to $750
Public Transit Tax Credit of 15%
Pension Income Splitting up to 50%
Children’s Fitness Tax Credit up to $75
Tradesperson’s Tools Expense up to $500

Once again we are filing your return electronically at no extra charge. The fee for a basic return will remain $45 with a $5 discount for anyone who is returning from last year or for anyone that you have referred.