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J.G.Short ph: 905-713-1173
15105 Yonge Street
Suite 104
Aurora, ON
L4G 1M3
In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.
- Harold S. Geneen


1. Auto Mileage Rates:

2007 First 5000kms @ $0.50 per km
Balance @ $0.44 per km

2. RRSP Limits:

2007- MAX = $19,000
2008- MAX = $20,000
Calculation = 18% of net employment income or self-employment income

3. CPP & EI Limits for 2008:

CPP = $2,049.30

Pensionable earnings = $41,400

EI = $711.03

Insurable earnings = $41,100.

4. Corporate Income tax rates (Ontario):

CCPC= Canadian Controlled Private Corporation
ABI= Active Business Income
CCPC & ABI < $400,000 = 18.6%
CCPC & ABI > $400,000 = 36.1%
CCPC investment income = 49.8%

5. What happens if I need out of Province/Country support?

We are a member of the following International Accounting Groups:

a) Principa
b) 2020
c) RanOne

We are affiliates with Professional Accountants throughout the world.

6. What is an Estate vs. a Trust?

An Estate is created when someone dies. After death, the estate becomes a testamentary trust. A testamentary trust may have any year-end.

Trusts may be created when a person is living, known as an inter vivos trust. The year-end for these trusts is December 31, annually. An inter vivos trust has a Settlor (one who created the trust) and beneficiaries (those who will receive trust assets and/or income). All trusts are subject to a 21 year deemed realization value.

Estates and Trusts are complicated and require professional assistance.

7. What is SR & ED?

If you are a manufacturer, processor of goods or a developer of software, systems, etc. you may be entitled to a SUBSTANTIAL TAX CREDIT. (If you have zero income, the government sends you a cheque!!!).