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Personal Income Tax Checklist 1999 Tax Highlghts
PERSONAL TAX
RRSP Maximum Contribution
The current year maximum RRSP contribution is the lesser of 18%
of your prior year net income and $13,500 (1996 to 2003) less any pension
adjustment plus any unused RRSP contribution room carried forward from prior years. Your
1998 maximum contribution can be found on your 1998 Notice of Assessment received from
Revenue Canada or obtained from your income tax return preparer.
Mutual Funds
The taxpayer is responsible for reporting capital gains or losses from
the redemption of mutual fund investments. Some fund administrators report both the
redemption amount and the cost amount but most do not. Therefore, it is up to the taxpayer
to track the cost base of the investment. This can be a difficult task unless done on a
regular basis. First, keep all statements received from your fund
administrator. Second, keep a spreadsheet type document tracking
transaction dates, transaction cost per unit, transaction units, transaction total amount,
balance of units, total cost balance, proceeds and gain/loss. Contact our office for a
spreadsheet template.
| Marginal Top Rates |
|
Taxable Income |
Canadian Dividend |
Capital Gains |
Other Income |
|
| 1998 |
Top Rate |
33.96% |
37.72% |
50.29% |
|
| 1999 |
Top Rate |
32.9% |
36.6% |
48.8% |
|
| 2000 |
Top Rate |
32.3% |
31.9% |
47.9% |
|
| Above percentages are approximations only.
Assumptions: Net income = taxable income |
| Non-Refundable Tax Credit Changes |
|
1998 |
1999 |
2000 |
| Personal Credits |
$6,456 |
$6,794 |
$7,231 |
| Spousal Credits |
$5,380 |
$5,718 |
$6,140 |
| Spousal Threshold |
$538 |
$572 |
$614 |
|