Green, Meikle & Smith, Chartered Accountants
HomeWhy GMSWhat We DoOur TeamService Packages
Volume 1 Issue 3 | March 2013

Highlights from the 2013 Federal Budget 

 

On March 21, 2013, the Federal Minister of Finance, Jim Flaherty tabled the 2013 Federal Budget. The budget focused on jobs and the economy, but included many targeted tax measures aimed at addressing "tax loopholes".

 

We reviewed many expert analyses of the 2013 budget and summarized those aspects which we believed would be of most importance to our clients. The budgetary measures are classified as follows:

  • Personal Tax Measures
  • Business Tax Measures
  • HST/GST Measures
  • Customs Tariff Measures
  • International Tax Measures

Have you claimed your eligible medical expenses?

The medical expense tax credit allows you to claim eligible medical expenses that you incur for yourself, your spouse (or common-law partner) or your (or your spouse or common-law partner's) children who were under age 18 and dependent on you for support.   

 You can claim eligible medical expenses to the extent that the amounts incurred exceed the lesser of $2,109 (for 2012) and 3% of your net income.  

 

In addition, you can claim medical expenses incurred for certain other dependent relatives. In this case, your claim for each person is limited to the eligible amounts paid in excess of the lesser of 3% of the dependant's net income and the 2012 threshold amount of $2,109.  

 

Many individuals often assume that they will not be eligible for the medical expense tax credit due to the high minimum threshold that is applicable to eligible expenses. Be careful to not make this mistake and ensure you gather all of your eligible medical receipts together, as there are many different expenses that can be claimed.  

 
Just for laughs




 

A Chance to file your Personal Tax Return for FREE plus one hour FREE consultation on Personal Tax Planning 

 

 

 

 

 

 

 

If you have not yet filed your taxes, here is a chance to do so for FREE!

 

We will file your taxes and that of your spouse and offer you one hour of FREE Personal Tax Consultation - a total value of over $290 all for FREE!

 

But there is a catch.........you have to forward this newsletter to a friend or family member to enter for a chance to win!  

 

To Enter, simply use the "Forward this email" link at the bottom of this newsletter and send the newsletter to at least one person in your contact list.

 

The lucky winner will be announced in our April 2013 Newsletter edition.

 

So don't delay, forward the good news now for a chance to win!. 

 

Note that you must be a Canadian Resident to qualify for all our draws.

Contact Green, Meikle & Smith Chartered Accountants
TURN ON IMAGES to see a group photo

Green, Meikle & Smith
Chartered Accountants
1020 Matheson Blvd. E., Unit 10,
Mississauga, ON L4W 4J9
Tel: 905 919 3543 Fax: 289 210 0728
This newsletter is intended for general informational purposes only and should not be construed as personalized accounting, tax or investment advice. Particular tax tips or strategies discussed here should be evaluated relative to each individual's situation and objectives. Please contact us directly if you need specific advice on your accounting, tax or business situation.
Stay Connected:
Like us on Facebook   Follow us on Twitter   LinkedIn   Pinterest