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ADMS 3520 (42)
Chapter 3


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Administrative Studies
ADMS 3520
Thaddeus Hwong

CHAPTER 3 Home Relocation Loan - If employee loan is made by employer to assist in a move that is at least 40 km closer to the new work location, there is an exemption on the calculation of the taxable benefit of the employee loan. - The exemption reduces taxable income (not employment income) Home Relocation Loan - The exemption is calculated as $ 25,000 x Prescribed Rate - Exemption is available for 5 years provided the loan to employee is still outstanding - New location must be 40km closer to the new work location Tax Rates - Federal tax rates increase at higher levels of taxable income -TaxaIneome T Rate 0 – 37,885 15% 37,,869 22% 12,-,84 26% Over,184 29% -Maximum Tax Rate with Ontario taxes = 46.41% Tax Credits - Different from tax deductions - Amounts eligible for tax credits are totaled and the tax credit is calculated by being multiplied by 15 - Tax credits reduce taxes payable in calculating taxes owing Tax Credits are as follows: - Basic Personal - Spouse/Common law partner - Eligible Dependent - Caregiver - Disability - EI and CPP - Pension Income - Age - Medical Expenses - Tuition and Education Basic Personal Amount - Everyone is eligible for this tax credit - Can earn income up to this amount without being subject to personal income tax - Amount increases each year - 2008 - $ 9,600 Spouse or Common law partner - If married, a taxpayer is allowed a tax credit for a dependent spouse or partner - Tax credit is reduced by income of spouse or partner Eligible Dependent - If a single parent supports a minor child, the parent is eligible for a tax credit, which is similar to the spouse or common law partner tax credit - Tax credit is reduced by income of the child Caregiver Tax Credit - Individual claiming tax credit must maintain a dwelling in which the individual and relative reside - Tax credit is for someone who provides home care for relative (18 years or older). Credit is reduced by dependent’s income. - Relative can be their child, spouse’s child, grandchild, parent, grandparent, brother, sister, aunt, uncle, nephew, or niece Disability Tax Credit (Part 1) - Tax credit is available for individuals that have a severe physical or mental impairment - Must be certified by a medical doctor or optometrist - There is a supplement for a disabled child under 18 years old - Tax credit can be transferred to spouse or supporting person who claims person as dependant Disability
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