WELCOME TO FAIRTAX ACCOUNTING AND BUSINESS SERVICES

Hossain Mohammed
• Accountant and Tax Consultant
• B.Com (Hons) Accounting
• M.Com (Finance)
• Diploma in Accounting (Canada)

We ensure CLIENT'S SATISFACTION AND 100% CONFIDENTIALITY

WE ARE OPEN 7 DAYS ( 10 A.M. - 10 P.M.)
Tax return $19.99 each
E-File: Refund within 2 weeks!!!

Registered Education Savings Plans News

Budget 2007 announced changes that will encourage greater savings in registered education savings plans (RESPs):

• Eliminating the $4,000 limit on annual RESP contributions.
• Increasing the lifetime limit on RESP contributions to $50,000 from $42,000.
• Increasing the maximum annual amount of Canada Education Savings Grant that can be paid in any year to $500 from $400 (and to $1,000 from $800 if there is unused grant room from low contributions made in previous years).

As well, Budget 2007 improved access to RESP assistance for part-time post-secondary students by allowing these students to access up to $2,500 of their income and grants for each 13-week semester of study. Students are required to spend at least 12 hours per month on courses, in a course lasting at least 3 consecutive weeks. Previously, students were required to spend at least 10 hours per week on courses, in a course lasting at least 3 consecutive weeks.

The 2007 Economic Statement reduced the goods and services tax rate by 1 percentage point, to 5 per cent, effective January 1, 2008. The tax expenditure estimates reflect this reduction.