CONTROLLERS INTERNATIONAL

TEN TAX TIPS

from Elie Benatar

To assure that you pay less Income Tax, dont't forget to claim:

EQUIVALENT TO SPOUSE AMOUNT - A single parent supporting a relative.

TRANSFER OF TUITION/EDUCATION AMOUNTS - Transfer up to $4000.00 to supporting relative.

MEDICAL EXPENSES - Private health insurance premiums, glasses, dental, hearing aids and batteries, drugs, travel expenses for prescribed medical treatment.

COUPLE UP ON CHARITIES - The higher income spouse can claim all donations and save for the one claim in a period of up to 5 years. The claim cannot exceed 20% of net income up to Feb. '96 and 50% thereafter.

POLITICAL CONTRIBUTIONS - Up to $500 credit can be claimed; it may pay to spread your political contributions over 2 years.

GST REBATE - On employment or partnership expenses.

MISSED CARRYING CHARGES - Claim safety deposit box fees, investment accounting fees, interest on investment loans, and carrying charges to buy CSB's on a payroll plan.

UNCLAIMED EMPLOYMENT EXPENSES - Auto, travel, supplies, entertainment, and promotion, special clothing (in certain cases).

CHILD TAX BENEFIT - Both spouses should file to receive the lucrative child tax benefit.

ALWAYS FILE ON TIME - Avoid late penalties of 5% + 1% monthly on balance due.

For individual Income Tax advice contact:

Elie Benatar, C.A., C.P.A.
Controllers International
11 Sirocco Drive, Willowdale ON M2H 2E7
Tel (416) 493-2393, Fax (416) 493-8558
E-mail: napeli@home.com

If you run a business and like to optimize your business taxes or your operations look at Elie Benetar's work with BTAG, the Business & Technology Analysis Group.

Back to the main index of BTAG

Back to Controllers International

For web site information or comments please contact the Webmaster

DD/010330