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The following is now available on the CRA Web site:

News Release:

Average refund for 2007 tax year increases almost $200 over last year

Ottawa, Ontario, May 30, 2008… The Honourable Gordon O’Connor, Minister of National Revenue, today announced the average refund for the 2007 tax year is worth approximately $1,440 to Canadians—an increase of almost $200 per person since last year.

“As a result of our government’s various tax relief measures, income tax refunds are up significantly this year,” said Minister O’Connor. “Thanks to measures such as the children’s fitness tax credit, the public transit amount, and pension income splitting, Canadians everywhere can use that money to save, invest, or spend it on things they need.”

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The following is now available on the CRA Web site:

Did you know…

That you can access even more of your tax information from the convenience of your desktop computer? Recent enhancements to My Business Account make tax time easier for sole proprietors, partners, directors, and officers.

As a business owner, you can now:

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The following News Release or Speech was posted on the Finance Canada Site

Ottawa, May 23, 2008
2008-039

The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for March 2008.
Highlights

March 2008: budgetary deficit of $1.2 billion

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I must say that this looks like an impressive product. You plug it in your lighter and then it keeps track of your mileage automatically using GPS. You still have to tell it when you are driving personal miles or business miles, but this time .. all you do is push a button, instead of keeping a manual log book.

A lot of self-employed people use their vehicle to claim automobile expenses. This includes gas, oil, car washes, repairs and maintenance, licensing and insurance, leasing costs and even interest on car loans and other incidental vehicle costs like Motor League, etc, not to mention the depreciation of the value of the car (capital cost allowance). If you didn’t know, only a PRO-RATA portion of these expenses can be claimed - based on the BUSINESS usage only. In certain situations, in lieu of keeping track of all expenses, you are able to claim a straight deduction based on the actual business miles used. In both cases, if you received any mileage allowances, you would reduce your claim. In Canada, you also have to keep track of the number of kilometres you drove specifically for the purpose of moving or medical expenses, or for the northern residents deductions.

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, May 8, 2008
2008-037

The Honourable Jim Flaherty, Minister of Finance, today announced regulatory changes are now in effect allowing Canadians to take advantage of Budget 2008 improvements to the administration of Life Income Funds (LIFs).

“Many people, such as seniors, pensioners and individuals facing financial hardship, will now have greater freedom to move their investments and use the money when they want, for what they want,” said Minister Flaherty. “These changes simply reflect the greater range of employment and lifestyle choices available in our fast-paced global economy.”

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* It’s about time! Although I do not have any corporate clients from Ontario anymore .. back in the ‘ole’ days .. I did have clients with multi-jurisdictions. I always dreaded the filing of these wasteful and additional Alberta and Ontario T2’s - it really was a waste of paper. … // HART

The following is now available on the CRA Web site:

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