Ping Lee's Corner

Mission of the Corner: to strive to provide useful information to members on money and health matters to enhance the lifestyles of our members

Some contents of the 2004 budget that may be of interest to you are as the following proposals:
  1. Starting from 2005, RESP contribution for a child under 18 years of age throughout the year, the first $500 contribution to the Plan in the year will get 40% government matching grant if the child's family net income is $35,000 or less. The rate will be 30% if child's family income is greater than $35,000 but not exceeding $70,000.
  2. Beginning 2004, T3s issued by mutual funds and income trusts will identify what portion, if any, of a distribution will give rise to an adjustment in adjust cost base (ACB) of the investor's interest in the funds or trust.
  3. For Capital Cost Allowance (CCA) rate for computer equipment acquired after March 22, 2004 will be increased to 45% from 30%. Also the "small business deduction" (SBD) that reduces basic federal corporate income tax to 12% from 21% for the first $250,00 of active business income of a Canadian ×Rontrolled private corporation (CCPC) will increase to $275,000 in 2005 and to $300,000 in 2006.
  4. Federal government is continuing to examine and assess a tax pre-paid savings plans (TPSP) that are similar to RRSPs in that investment income earnest inside the plans is not taxed; however, unlike RRSPs, no deduction is provided on contributions and withdrawals are not taxed.
By the time taxes are actually due, it's often too late to make any significant changes and take advantage of tax savings opportunities. The followings are some tax saving ideas which you can utilise:
  1. RRSP limit rises to $ 15,500 for 2004
  2. in order to realise the tax benefits on your 2004 return, all donations need to be made by December 31
  3. get an estimate of what this year's distributions will be to determine if it might be worthwhile to postpone non-registered mutual fund purchases until January
  4. it is time to review your portfolio to determine if there are any equities for which you want to lock in the losses before year-end. Losses on certain assets, mainly stocks, can be offset against capital gains that have been realized during the previous 3 years
  5. final payments must be made before Dec.31 in order to claim a tax deduction in 2004 for items like alimony payments,child-care expenses and interest expenses on money borrowed to earn investment income.
  6. for small business owners, CCA rate for computer equipment acquired after March 22,2004 has increased to 45% from 30%

Medical Info

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    Of interest...

    Some of my connections agree to give our members discounts on their professional services. Any members who mention my name will receive discounts and more. If you like the idea, you can contact the following professionals.

    Mr. Jeffrey M. Chow, Barrister & Solicitor, Mah & Chiu -- willing to give 10% discount on legal fees
    Mr. Chow's office is
    Mah & Chiu, 1100 Canadian Western Bank Place, 10303 Jasper Avenue, Edmonton,AB.T5J 3N6
    Tel.No. 780-428-3888

    Ms. Diana Nguy, a Realtor, All-Banners Realty -- willing to provide free lawyer's fee and her commission is negotiable
    Ms.Nguy's office is
    All-Banners Realty,129 Seneca Road,Sherwood Park,AB T8A 4G6
    Tel No. 780-498-6690

    To share with you all...