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Tax Tips Helpful Information You Should Know

Name Title Date. Tax Tips Helpful Information You Should Know. Consider tax changes. Reduce the taxes you pay Manage your family income Use expenses to best advantage. Canada employment credit. Tax credit on employment-related purchases Computers, uniforms and supplies

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Tax Tips Helpful Information You Should Know

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  1. Name Title Date Tax TipsHelpful Information You Should Know

  2. Consider tax changes • Reduce the taxes you pay • Manage your family income • Use expenses to best advantage

  3. Canada employment credit • Tax credit on employment-related purchases • Computers, uniforms and supplies • Tax relief on the lesser of $500 or annual income

  4. Tradespeople’s tool expense • Claim the cost of new tools • Excess of $1,000 up to a maximum of $500 • Certification required from employer

  5. Textbook Tax Credit • Students entitled to tax credit for textbooks • $65 for full-time students • $20 for part-time students • Unused amounts carried forward to a future year

  6. Scholarship and bursary income • Exempt from tax • Amounts received in connection with enrolment

  7. Fitness Tax Credit (2007) • Claim up to $500 for physical activity programs • Children under 16 years of age

  8. Refundable Medical Expense Supplement (RMES) • RMES increased from $767 to $1,000 • Reduced when income exceeds $22,140

  9. Transit passes • Tax credit for public transit • Local bus, streetcar, subway, commuter train or bus and local ferry

  10. Publicly-listed securities • Includes mutual funds and segregated funds • Donations to charities have been reduced to zero and are exempt from tax

  11. Canadian fishers • $500,000* lifetime capital gains exemption • Includes real property, fishing vessels, eligible capital property • Tax-deferral on transfers *The 2007 budget has proposed an increase to this amount

  12. Universal Child Care Benefit (UCCB) • Receive $100 per month • For each child under age 6 • Must apply for credit • Taxable income

  13. Important Notes • The commentary in this presentation is for general information only and should not be considered investment or tax service to any party. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation. • Manulife Investments is the brand name identifying the personal wealth management lines of business offered by Manulife Financial and its subsidiaries in Canada. As one of Canada’s largest integrated financial services providers, Manulife Investments offers a variety of products and services including: segregated funds, mutual funds, principal protected notes, annuities and guaranteed interest contracts. • Manulife and the block design are registered service marks and trademarks of The Manufacturers Life Insurance Company and are used by it and its affiliates including Manulife Financial Corporation.

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