集团营收增加4％至55亿4779万元，税前盈利微增 1％，报5亿4656万元。每股盈利14.74分，净资产值52.09分，董事会建议派发10.28分终期股息，其中4分为普通股息，6.28分为特别股息。加上去年9月10日派发的3分中期普通股息，集团去年共派发13.28分股息，总额为3亿9950万元。
新科工程截至去年底的总订单额为103亿元，其中总值37亿元的订单预计将在今年交货。
新科工程总裁陈平福表示，即便2009年是“经济大衰退”的一年，但集团仍投入资金，扩充其全球设施的产能与能力，并积极争取新客户。
他说：“如果没有意外的话，集团在2010财年的收入将较2009财年的高，税前盈利也预计能维持在去年的水平。”
新科工程集团旗下的业务只有新科宇航（ST Aerospace）的全年净利出现下滑，新科陆路系统（ST Land Systems）、新科海事（ST Marine）和新科电子（ST Electronics）的全年净利都有所上扬，新科海事和新科电子的净利都取得双位数的增长。
新科宇航全年净利减少18％至1亿 8570万元，营收略跌3％至18亿7523万元，税前盈利下跌16％至2亿2829万元。新科宇航盈利减少，主要是因为改装为MD11型飞机的交货数量减少，以及投资收入减少近乎一倍，但由于改装为757型飞机的交货数量增加，对新科宇航的盈利下跌有所缓冲。
新科电子全年净利上涨 33％至9080万元，营收增加20％至13亿9336万元，税前盈利上升23％至1亿1528万元。新科电子收入提高，主要是因为完成了多个项目阶段，这些项目包括在新加坡、台湾、广州和曼谷的地铁项目、综合度假胜地项目、以及其他软件系统和模拟系统项目。此外，公司的卫星通讯产品销售额也出现上涨。
新科陆路系统全年净利略升3％至8230万元，营收下滑6％至12亿零205万元，税前盈利上涨13％至9539万元。虽然营收下滑，新科陆路系统的盈利仍上涨，主要归功于较理想的产品组合（product mix）
新科海事全年净利增加10％，报8176万元，营收上升16％至9亿 5595万元，税前盈利上涨36％至1亿零228万元。由于新加坡和美国的销售组合理想，新科海事的造船收入有所提高。
Thursday, February 18, 2010
Saturday, February 13, 2010
业绩
（2010-02-13）
金声能源(KS Energy)全年净利减少23％至4004万元。
集团营收下降20％至4亿8984万元，税前盈利减20％至5273万元。每股盈利11.89分，净资产值120.8分，派发1.8分免税股息。
波德国际(Portek International)半年净利增加62％至599万元。
集团营收减少18％至6295万元，税前盈利增加35％至1233万元。每股盈利2.54分，净资产值41.71分。
金声能源(KS Energy)全年净利减少23％至4004万元。
集团营收下降20％至4亿8984万元，税前盈利减20％至5273万元。每股盈利11.89分，净资产值120.8分，派发1.8分免税股息。
波德国际(Portek International)半年净利增加62％至599万元。
集团营收减少18％至6295万元，税前盈利增加35％至1233万元。每股盈利2.54分，净资产值41.71分。
股海观潮: 金成兴控股
（KSH Holdings）
评级：买入
目标价：38分
金成兴控股刚发布的第三季业绩较分析师预测来得好，2010财年首三季盈利超出2009财年全年盈利。但第三季营收下滑4.9％至8250万元，主要因为来自建筑业务较低的收入。
建筑业务的平均毛利率从一年前的5.9％上扬至10.6％，受到生产力和采购安排效率提升带动。第三季净利为510万元，相较于去年的100万元亏损。
截至1月份，金成兴控股的订单总额达到3亿9000万元，相较于截至去年11月的3亿8300万元。所有项目将于2012年前完成。
继新加坡国立大学去年12月颁发的4030万元合同后，分析师相信更多项目将接踵而来。至今，其2010财年已经获得了总值1亿5970万元的合同，其中1亿2370万元来自国大。
分析师将2010和2011财年的盈利预测分别调高44.7％和122％至2100万元和3020万元，鉴于房地产业务较预期更早开始带来贡献，以及订单的复苏。
金成兴控股最后报27分。
评级：买入
目标价：38分
金成兴控股刚发布的第三季业绩较分析师预测来得好，2010财年首三季盈利超出2009财年全年盈利。但第三季营收下滑4.9％至8250万元，主要因为来自建筑业务较低的收入。
建筑业务的平均毛利率从一年前的5.9％上扬至10.6％，受到生产力和采购安排效率提升带动。第三季净利为510万元，相较于去年的100万元亏损。
截至1月份，金成兴控股的订单总额达到3亿9000万元，相较于截至去年11月的3亿8300万元。所有项目将于2012年前完成。
继新加坡国立大学去年12月颁发的4030万元合同后，分析师相信更多项目将接踵而来。至今，其2010财年已经获得了总值1亿5970万元的合同，其中1亿2370万元来自国大。
分析师将2010和2011财年的盈利预测分别调高44.7％和122％至2100万元和3020万元，鉴于房地产业务较预期更早开始带来贡献，以及订单的复苏。
金成兴控股最后报27分。
Wednesday, February 10, 2010
业绩
成功（Jaya Holdings）半年净利增加90％至6784万元。
集团营收增加42％至1亿4310万元，税前盈利增加116％至7824万元。每股盈利4.58分，净资产值57.4分，派发1分免税股息。
维康（VICOM）全年净利增加27％至2004万元。
集团营收上涨6％至7795万元，税前盈利增加23％至2470万元。每股盈利23.33分，净资产值92.5分，派发6分股息。
集团营收增加42％至1亿4310万元，税前盈利增加116％至7824万元。每股盈利4.58分，净资产值57.4分，派发1分免税股息。
维康（VICOM）全年净利增加27％至2004万元。
集团营收上涨6％至7795万元，税前盈利增加23％至2470万元。每股盈利23.33分，净资产值92.5分，派发6分股息。
Thursday, February 4, 2010
14 Ways to Reduce Your 2009 Taxes
By Brenda Friedel, CGA
Tax planning is always an issue, whether you work, are retired, operate a business directly or operate a business through a corporation. Here are fourteen interesting ways that may help you save on your 2009 taxes.
1. Contribute to your RRSP
If you haven’t yet made your 2009 RRSP contribution, don’t wait until March 1, 2010 — act now. The earlier you contribute to your RRSP, the more quickly the capital to finance your retirement will grow, sheltered from tax.
Know your 2009 contribution limit.
Your maximum contribution for 2009 is 18% of income earned in 2008, principally from employment or a business, up to a maximum of $21,000 (compared to $20,000 in 2008). The maximum RRSP contribution for 2009 applies to earned income of $166,666 in 2008. If you participate in a pension plan, you should keep the various pension adjustments in mind. To find out the exact amount that you can contribute, look at the “RRSP Deduction Limit Statement for 2009″ section of your federal assessment notice for 2008.
Think ahead to 2010.
The RRSP limit will increase in 2010, when it will reach $22,000. If you operate a business through your own corporation, have no other source of earned income, and are able to do so, make sure that you have paid yourself at least $122,222 for 2009 by the end of December, so that you can contribute the maximum amount to your RRSP in 2010.
Use your unused RRSP contribution room.
If you contributed less than the maximum allowable amount to your RRSP in a previous year, and if you can afford it, use the unused RRSP contribution room for 2009 by contributing an additional amount equal to the unused room. Don’t wait too long to use up unused room, as doing so will give you less time to reap the benefits of untaxed compound interest, and you will have less capital in your RRSP when you retire. Remember that your investment horizon may be for 10 or 20 years, or even 40 years or longer, depending on how old you are now and at what age you think you will need funds from your RRSP.
Don’t over-contribute.
The law allows you to contribute up to $2,000 over the authorized maximum in your RRSP. Do not exceed this limit, because the penalty of 1% per month on excess contributions can add up fast, and the administrative formalities to recover excess contributions are relatively complex. Since the Canada Revenue Agency (CRA) has begun paying much closer attention to excess contributions, do not expect them to go unnoticed.
Consider contributing to a spousal RRSP.
Contributions to a spousal RRSP can be useful. For instance, withdrawals may be made from a spousal RRSP to participate in the Home Buyers’ Plan; thus the more you and your spouse can both withdraw from your respective RRSPs under the Home Buyers’ Plan, the greater the amount you can put down on the home of your dreams. Respect the age limit. If you turn(ed) 71 in 2009, this is your last chance -the age limit for contributing to an RRSP, or indeed withdrawing funds from it or converting it to an RRIF or an annuity, is 71. Your last RRSP contributions, withdrawals and/or conversions must be made by December 31st of the year of your 71st birthday.
2. Split your pension income
Since 2007, tax legislation allows taxpayers who receive pension income to split this income with their spouse when filing their tax return. You can allocate to your spouse up to 50% of your pension income eligible for the current pension income credit in your 2009 income tax return. This could be a valuable strategy if your spouse is taxed at a lower marginal rate, and does not preclude the possibility of contributing to your spouse’s RRSP.
3. Donate
Have you made any donations in 2009? The federal credit is equal to 15% of the first $200 of charitable donations paid in the year and 29% for any donation in excess of $200, except for Quebec residents, for whom the federal credit is 12.53% and 24.22%, respectively. For the territories’ and other provinces’ tax purposes, the credit varies from 4% to 11% for the first $200 and from 11.16% to 21% for amounts exceeding $200; for Quebec tax purposes, the tax credit is equal to 20% of the first $200 and 24% of the excess.
Another very interesting tax strategy, for both you and the charity, is to donate publicly traded company shares from your portfolio, especially if these shares have made a significant gain. No income tax is payable on a capital gain realized when shares of a public listed company are donated to a charitable organization, including private foundations. Under these circumstances, the charity receives a larger amount than it would if you were to sell the shares and donate the proceeds after paying taxes on the gain.
If you have made a charitable gift before the end of the year and have exercised stock options acquired during the same period, then donating these shares to a charity is a very effective tax-saving strategy, since you can deduct the entire benefit you received. This easing measure only applies in respect of shares acquired that were donated in the year of, and in the 30 days after, the acquisition. Under the circumstances, it seems preferable to exercise the options and donate the shares rather than to sell them once the options are exercised and donate the proceeds, minus the taxes related to the benefit. Finally, if you hold shares of public companies in your corporation, and the corporation’s taxable income is sufficient to qualify the donation for a deduction (corporations can claim a deduction of up to a maxi-the mum of 75% of net income but can receive no tax credits for charitable donations), consider donating these shares through your corporation. Generally, the full amount of the capital gain realized by the corporation can therefore, where an election is made, be paid to shareholders tax free.
4. Take advantage of the reduced tax rate on eligible dividends
If you are a shareholder of a Canadian-controlled private corporation (CCPC) and this corporation received taxable income that is not eligible for the small business deduction (excluding investment income) in 2009 or in previous taxation years (as far back as 2001), such income accumulated in a “general rate income pool” (GRIP) represents the balance that may be paid out as eligible dividends. The advantage of eligible dividends is that they are taxed at a lower rate than regular dividends. The lower rate varies from one province to the next. For some provinces, such as Ontario, the benefit increases slightly each year over the next few years. However, the corporation paying the dividend must respect the rules regarding the designation of eligible dividends and ensure that the amount of eligible dividends does not exceed the GRIP. If you hold shares of public companies or other corporations residing in Canada that are not CCPCs, the dividends that you receive will generally be eligible dividends.
5. Claim the $750,000 capital gains deduction
Small business corporation shares, qualified farm property, and qualified fishing property (including, for qualified agricultural and fishing properties, shares of a corporation and partnership interests) qualify for the lifetime capital gains deduction of $750,000 ($500,000 for shares disposed of before March 19, 2007). Claiming this deduction often requires a good deal of planning and help from your tax advisor. If you are thinking about selling assets that qualify for this deduction before the end of the year, consult your tax advisor as soon as possible.
If you have already claimed the $100,000 personal capital gains deduction (abolished in 1994), you are entitled to a maximum deduction of only $650,000. If you plan to use this deduction in 2009, check with your tax advisor to find out whether you have realized an allowable business investment loss in prior years or have cumulative net investment losses as at December 31, 2009. If so, these will be taken into account, and you may not be able to claim the full deduction.
6. Stagger taxation of capital gains
If you dispose of property on which you realize a capital gain, you can stagger the taxation of this gain over a maximum of five years if you allow the purchaser to stagger the payment of the proceeds from the sale over the same period. The term is increased to 10 years for the transfer of farm or fishing property, shares from a family farm or fishing corporation, or from a small business corporation when this transfer is carried out in favour of a child, a grandchild or a great-grandchild living in Canada.
7. Use your capital losses
Under the tax rules, you can use your 2009 capital losses to reduce the current year’s taxes on your capital gains. In addition, you may be able to carry your 2009 capital losses back to 2006, 2007 and 2008, and use it to reduce your capital gains in any of these years. Many taxpayers also sell their investment losses before the end of the year when they have realized significant gains earlier in the year. This strategy is particularly interesting in the present economic context. But be careful! If, within the thirty days prior to or following the sale of an asset that resulted in a capital loss, you purchase an identical asset, the superficial loss rules prevent you from claiming a capital loss on an asset you clearly intended to continue holding. This rule also applies if your spouse or a company under your control purchases the identical asset.
8. Offset taxable income with an allowable business investment loss
Whereas capital losses can be used only to reduce capital gains, an allowable business investment loss (ABIL) can be used to reduce your overall income. Therefore, if you are a shareholder or creditor of a financially unstable private corporation, consider selling your shares or debt to an unrelated person before December 31 to realize an ABIL for 2009. Remember, however, that if you have already claimed a capital gains deduction in the past, the amount of the ABIL is reduced by the claimed amount. Furthermore, pay particular attention to the documentation related to this loss, as the tax authorities could require you to produce it.
9. Repay shareholder loans
If you took a loan from your corporation in 2008, repay it if possible before the end of 2009. If you delay, the full amount of the loan will be added to your income for 2008, unless the loan was made to an employee-shareholder for purchasing a residence, securities issued by the employer, or a car for work purposes. Other restrictions apply to these types of loans, however.
10. Pay a bonus
The federal small business tax deduction (SBD) is available to Canadian-controlled private corporations with active business income of less than $500,000 in 2009 (this amount varies for provincial and territorial taxation purposes). If the active business income derived from your company exceeds the $500,000 threshold, a common suggestion has been that the corporation pay out a bonus to bring its income below the threshold. However, changes to federal and many provincial (including Quebec) corporate tax rates have been announced recently. The implementation of eligible dividends has also affected dividend tax rates. Given these modifications, it is important to ensure that this strategy remains in line with your situation and generates the best tax savings possible. Talk to your tax advisor. If you opt for this solution, your company will be able to claim the tax deduction on the condition that the bonus is paid within 180 days of your corporation’s fiscal year-end.
11. Check whether interest on your loans is deductible
For your loan interest to be deductible from your income for tax purposes, the loan must have been contracted for the purpose of earning income from a business or property. If you are currently paying interest that is not deductible (for example, on a home mortgage loan, on a loan to contribute to your RRSP, or to acquire an interest in a life insurance policy), ask your tax advisor if you could reorganize your business affairs to make the interest deductible. Recent legal precedents and the CRA’s administrative positions regarding interest deductibility should prompt taxpayers at least to review their current situation.
12. Contribute to a registered education savings plan
Although contributions to a registered education savings plan (RESP) are not deductible, the income that accumulates on the capital is only taxable when it is paid out to a student as an education assistance payment. Although contribution limits must be respected, possible federal and provincial grants that are not included in calculating the lifetime contribution limit make the RESP very interesting.
13. Contribute to your tax-free savings account
The 2008 federal budget contained a new tax measure, creating the tax-free savings account (TFSA). Starting January 1, 2009, Canadians who are 18 years of age or over can contribute up to $5,000 per year to a TFSA. This maximum contribution limit of $5,000 will be adjusted annually to reflect inflation. These contributions will not be deductible from income for tax purposes but the investment income earned, including capital gains, will not be taxable, even upon withdrawal. Unused contribution room can be carried forward. In addition, you can make withdrawals from your TFSA at any time and for any purpose. Your contribution will have no impact on your annual RRSP contribution limit. Furthermore, neither the income earned in a TFSA nor withdrawals made from such an account will affect your eligibility to federal credits or benefits based on income.
14. Round up your renovation receipts
The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo, or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009 and before February 1, 2010. The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum nonrefundable tax credit of $1,350 [($10,000 -$1,000) x 15%)].
Tax planning is always an issue, whether you work, are retired, operate a business directly or operate a business through a corporation. Here are fourteen interesting ways that may help you save on your 2009 taxes.
1. Contribute to your RRSP
If you haven’t yet made your 2009 RRSP contribution, don’t wait until March 1, 2010 — act now. The earlier you contribute to your RRSP, the more quickly the capital to finance your retirement will grow, sheltered from tax.
Know your 2009 contribution limit.
Your maximum contribution for 2009 is 18% of income earned in 2008, principally from employment or a business, up to a maximum of $21,000 (compared to $20,000 in 2008). The maximum RRSP contribution for 2009 applies to earned income of $166,666 in 2008. If you participate in a pension plan, you should keep the various pension adjustments in mind. To find out the exact amount that you can contribute, look at the “RRSP Deduction Limit Statement for 2009″ section of your federal assessment notice for 2008.
Think ahead to 2010.
The RRSP limit will increase in 2010, when it will reach $22,000. If you operate a business through your own corporation, have no other source of earned income, and are able to do so, make sure that you have paid yourself at least $122,222 for 2009 by the end of December, so that you can contribute the maximum amount to your RRSP in 2010.
Use your unused RRSP contribution room.
If you contributed less than the maximum allowable amount to your RRSP in a previous year, and if you can afford it, use the unused RRSP contribution room for 2009 by contributing an additional amount equal to the unused room. Don’t wait too long to use up unused room, as doing so will give you less time to reap the benefits of untaxed compound interest, and you will have less capital in your RRSP when you retire. Remember that your investment horizon may be for 10 or 20 years, or even 40 years or longer, depending on how old you are now and at what age you think you will need funds from your RRSP.
Don’t over-contribute.
The law allows you to contribute up to $2,000 over the authorized maximum in your RRSP. Do not exceed this limit, because the penalty of 1% per month on excess contributions can add up fast, and the administrative formalities to recover excess contributions are relatively complex. Since the Canada Revenue Agency (CRA) has begun paying much closer attention to excess contributions, do not expect them to go unnoticed.
Consider contributing to a spousal RRSP.
Contributions to a spousal RRSP can be useful. For instance, withdrawals may be made from a spousal RRSP to participate in the Home Buyers’ Plan; thus the more you and your spouse can both withdraw from your respective RRSPs under the Home Buyers’ Plan, the greater the amount you can put down on the home of your dreams. Respect the age limit. If you turn(ed) 71 in 2009, this is your last chance -the age limit for contributing to an RRSP, or indeed withdrawing funds from it or converting it to an RRIF or an annuity, is 71. Your last RRSP contributions, withdrawals and/or conversions must be made by December 31st of the year of your 71st birthday.
2. Split your pension income
Since 2007, tax legislation allows taxpayers who receive pension income to split this income with their spouse when filing their tax return. You can allocate to your spouse up to 50% of your pension income eligible for the current pension income credit in your 2009 income tax return. This could be a valuable strategy if your spouse is taxed at a lower marginal rate, and does not preclude the possibility of contributing to your spouse’s RRSP.
3. Donate
Have you made any donations in 2009? The federal credit is equal to 15% of the first $200 of charitable donations paid in the year and 29% for any donation in excess of $200, except for Quebec residents, for whom the federal credit is 12.53% and 24.22%, respectively. For the territories’ and other provinces’ tax purposes, the credit varies from 4% to 11% for the first $200 and from 11.16% to 21% for amounts exceeding $200; for Quebec tax purposes, the tax credit is equal to 20% of the first $200 and 24% of the excess.
Another very interesting tax strategy, for both you and the charity, is to donate publicly traded company shares from your portfolio, especially if these shares have made a significant gain. No income tax is payable on a capital gain realized when shares of a public listed company are donated to a charitable organization, including private foundations. Under these circumstances, the charity receives a larger amount than it would if you were to sell the shares and donate the proceeds after paying taxes on the gain.
If you have made a charitable gift before the end of the year and have exercised stock options acquired during the same period, then donating these shares to a charity is a very effective tax-saving strategy, since you can deduct the entire benefit you received. This easing measure only applies in respect of shares acquired that were donated in the year of, and in the 30 days after, the acquisition. Under the circumstances, it seems preferable to exercise the options and donate the shares rather than to sell them once the options are exercised and donate the proceeds, minus the taxes related to the benefit. Finally, if you hold shares of public companies in your corporation, and the corporation’s taxable income is sufficient to qualify the donation for a deduction (corporations can claim a deduction of up to a maxi-the mum of 75% of net income but can receive no tax credits for charitable donations), consider donating these shares through your corporation. Generally, the full amount of the capital gain realized by the corporation can therefore, where an election is made, be paid to shareholders tax free.
4. Take advantage of the reduced tax rate on eligible dividends
If you are a shareholder of a Canadian-controlled private corporation (CCPC) and this corporation received taxable income that is not eligible for the small business deduction (excluding investment income) in 2009 or in previous taxation years (as far back as 2001), such income accumulated in a “general rate income pool” (GRIP) represents the balance that may be paid out as eligible dividends. The advantage of eligible dividends is that they are taxed at a lower rate than regular dividends. The lower rate varies from one province to the next. For some provinces, such as Ontario, the benefit increases slightly each year over the next few years. However, the corporation paying the dividend must respect the rules regarding the designation of eligible dividends and ensure that the amount of eligible dividends does not exceed the GRIP. If you hold shares of public companies or other corporations residing in Canada that are not CCPCs, the dividends that you receive will generally be eligible dividends.
5. Claim the $750,000 capital gains deduction
Small business corporation shares, qualified farm property, and qualified fishing property (including, for qualified agricultural and fishing properties, shares of a corporation and partnership interests) qualify for the lifetime capital gains deduction of $750,000 ($500,000 for shares disposed of before March 19, 2007). Claiming this deduction often requires a good deal of planning and help from your tax advisor. If you are thinking about selling assets that qualify for this deduction before the end of the year, consult your tax advisor as soon as possible.
If you have already claimed the $100,000 personal capital gains deduction (abolished in 1994), you are entitled to a maximum deduction of only $650,000. If you plan to use this deduction in 2009, check with your tax advisor to find out whether you have realized an allowable business investment loss in prior years or have cumulative net investment losses as at December 31, 2009. If so, these will be taken into account, and you may not be able to claim the full deduction.
6. Stagger taxation of capital gains
If you dispose of property on which you realize a capital gain, you can stagger the taxation of this gain over a maximum of five years if you allow the purchaser to stagger the payment of the proceeds from the sale over the same period. The term is increased to 10 years for the transfer of farm or fishing property, shares from a family farm or fishing corporation, or from a small business corporation when this transfer is carried out in favour of a child, a grandchild or a great-grandchild living in Canada.
7. Use your capital losses
Under the tax rules, you can use your 2009 capital losses to reduce the current year’s taxes on your capital gains. In addition, you may be able to carry your 2009 capital losses back to 2006, 2007 and 2008, and use it to reduce your capital gains in any of these years. Many taxpayers also sell their investment losses before the end of the year when they have realized significant gains earlier in the year. This strategy is particularly interesting in the present economic context. But be careful! If, within the thirty days prior to or following the sale of an asset that resulted in a capital loss, you purchase an identical asset, the superficial loss rules prevent you from claiming a capital loss on an asset you clearly intended to continue holding. This rule also applies if your spouse or a company under your control purchases the identical asset.
8. Offset taxable income with an allowable business investment loss
Whereas capital losses can be used only to reduce capital gains, an allowable business investment loss (ABIL) can be used to reduce your overall income. Therefore, if you are a shareholder or creditor of a financially unstable private corporation, consider selling your shares or debt to an unrelated person before December 31 to realize an ABIL for 2009. Remember, however, that if you have already claimed a capital gains deduction in the past, the amount of the ABIL is reduced by the claimed amount. Furthermore, pay particular attention to the documentation related to this loss, as the tax authorities could require you to produce it.
9. Repay shareholder loans
If you took a loan from your corporation in 2008, repay it if possible before the end of 2009. If you delay, the full amount of the loan will be added to your income for 2008, unless the loan was made to an employee-shareholder for purchasing a residence, securities issued by the employer, or a car for work purposes. Other restrictions apply to these types of loans, however.
10. Pay a bonus
The federal small business tax deduction (SBD) is available to Canadian-controlled private corporations with active business income of less than $500,000 in 2009 (this amount varies for provincial and territorial taxation purposes). If the active business income derived from your company exceeds the $500,000 threshold, a common suggestion has been that the corporation pay out a bonus to bring its income below the threshold. However, changes to federal and many provincial (including Quebec) corporate tax rates have been announced recently. The implementation of eligible dividends has also affected dividend tax rates. Given these modifications, it is important to ensure that this strategy remains in line with your situation and generates the best tax savings possible. Talk to your tax advisor. If you opt for this solution, your company will be able to claim the tax deduction on the condition that the bonus is paid within 180 days of your corporation’s fiscal year-end.
11. Check whether interest on your loans is deductible
For your loan interest to be deductible from your income for tax purposes, the loan must have been contracted for the purpose of earning income from a business or property. If you are currently paying interest that is not deductible (for example, on a home mortgage loan, on a loan to contribute to your RRSP, or to acquire an interest in a life insurance policy), ask your tax advisor if you could reorganize your business affairs to make the interest deductible. Recent legal precedents and the CRA’s administrative positions regarding interest deductibility should prompt taxpayers at least to review their current situation.
12. Contribute to a registered education savings plan
Although contributions to a registered education savings plan (RESP) are not deductible, the income that accumulates on the capital is only taxable when it is paid out to a student as an education assistance payment. Although contribution limits must be respected, possible federal and provincial grants that are not included in calculating the lifetime contribution limit make the RESP very interesting.
13. Contribute to your tax-free savings account
The 2008 federal budget contained a new tax measure, creating the tax-free savings account (TFSA). Starting January 1, 2009, Canadians who are 18 years of age or over can contribute up to $5,000 per year to a TFSA. This maximum contribution limit of $5,000 will be adjusted annually to reflect inflation. These contributions will not be deductible from income for tax purposes but the investment income earned, including capital gains, will not be taxable, even upon withdrawal. Unused contribution room can be carried forward. In addition, you can make withdrawals from your TFSA at any time and for any purpose. Your contribution will have no impact on your annual RRSP contribution limit. Furthermore, neither the income earned in a TFSA nor withdrawals made from such an account will affect your eligibility to federal credits or benefits based on income.
14. Round up your renovation receipts
The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo, or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009 and before February 1, 2010. The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum nonrefundable tax credit of $1,350 [($10,000 -$1,000) x 15%)].
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