It is important to know which tax credit you are eligible for if you are doing your own taxes or having someone else doing your taxes for you. Nobody cares more about the money that is owed to you than you do, even if they are professional. Research these tax credits and find out if you are eligible:
1. Basic Personal Tax Credit
2. Spousal Credit: if your spouse earns less than 10,000
3. Wholly dependent person credit: Single parents
4. Charitable donations credit: you need an official receipt
5. Education Tax Credits: Tuition & Federal: carried forward claims are possible
6. Medical Expenses Credit: Receipts needed, this includes cost of travel insurance
7. Pension income credit
8.Age 65 or older (Age credit)
9. Disability credit
10. Caregiver’s credit (In home care for elderly relatives)
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Taxable income is the amount of income on which you actually pay income taxes. There are several reasons why you don’t pay taxes on your total income: First, not all income is taxable such as profit you make on your residence and the profit you earn on money invested in RRSPs and Tax-Free Savings Accounts (TFSAs). Second, you get to subtract deductions from your income.
Here are a few ways to reduce your taxes and increase your deductions:
1. Contribute to RRSPs and retirement plans
2. Claim child care expenses: $7,000 for children under 7, $4,000 for children 7-16
3. Annual union and professional fees: claim regular annual dues
4. Business losses can be claimed to reduce income
5. Interest on investment loans (Not RRSPs)
6. Married versus common law: Research options include spousal RRSP
7. Moving Expenses
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Eating healthy and eating at home has a variety of benefits not only for the budget but also for your health. First, many people eat out not only because it is fast and convenient but because they do not know how to cook.Do yourself a favour and research fresh spices and herbs and what they go well with in your cooking. As you have probably noticed, there has been an increase of natural and organic products in grocery stores.
It can be argued that organic foods are sometimes more expensive than other brands. However, it is important to consider that the organic foods do not contain antibiotics, hormones, insecticides or other chemicals and therefore if you shop in season for fresh food it is always more beneficial to buy organic.
According to various studies, there are a multitude of health benefits when buying organic produce such as apples and strawberries, meat, poultry, eggs, dairy and baby food because of the condensed fruits and vegetables. Please stop buying bottled water—if you do not like the taste of tap water or you fear the water filtration system where you live, install a water filtration system in your home and bottle your own water.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
If it is increasingly more and more difficult for you to stop spending and stop accumulating debt, it may be the right decision for you to seek help and advice from Debtors Anonymous (DA). They are a non-profit organization that provides a variety of support for people who are unable to stop spending and break their bad habits. They provide group meetings for members and members are all from all financial and social backgrounds both male and female. DA provides interested parties with a 15-question questionnaire and if you respond yes to at least 8 of the questions, it may be a positive decision to attend a DA meeting. Please research the organization or other similar organizations if you feel you need help but are uncertain of where to go for help.Below is a copy of the questionnaire:
1. Are your debts making your home life unhappy?
2. Does the pressure of your debts distract you from your daily work?
3. Are your debts affecting your reputation?
4. Do your debts cause you to think less of yourself?
5. Have you ever given false information to obtain credit?
6. Have you ever made unrealistic promises to your creditors?
7. Does the pressure of your debts make you careless when it comes to the welfare of your family?
8. Do you ever fear that your employer, family or friends will learn the extent of your total indebtedness?
9. When faced with a difficult financial situation, does the prospect of borrowing give you an inordinate feeling of relief?
10. Does the pressure of your debts cause you to have difficulty sleeping?
11. Has the pressure of your debts ever caused you to consider getting drunk?
12. Have you borrowed money without giving adequate consideration to the rate of interest you’re required to pay?
13. Do you usually expect a negative response when you are subjected to a credit investigation?
14. Have you ever developed a strict regimen for paying off your debts, only to break it under pressure?
15. Do you justify your debts by telling yourself that you are “superior” to the “other” people and when you get your “break”, you’ll be out of debt?
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Tax Credit
Tax Credit
Defining Taxable Income
Addicted to Spending and Accumulating Debt?