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Would you be prepared if struck by a critical illness?
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Not all life insurance plans cover this critical period
 Should
you have a heart attack, get cancer, suffer a stroke or get
diagnosed with some other critical illness, will you have the
resources to cover your absence from the workplace or get the
help you need?
Critical-illness insurance may be just what you need. It's a
form of protection that can provide you with a lump-sum payment
if you suffer from a covered illness and the survival period is
satisfied.
In some cases, life insurance and group health insurance plans
may offer some relief. But not always.
The physical and emotional strain of a critical illness can be
severe and when you combine that with the potentially damaging
financial impact, the result can be devastating. The lump-sum
payment can be used as you see fit. It can cover lost income,
pay for treatment or medical treatment, or even pay off a
mortgage--it's your choice. Then, you can concentrate on getting
back on your feet.
For more information or to find out if critical-illness
isnnsurance is right for you, call George at
613-841-0944 or contact
him by email
today.
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Year-end RESP reminder...
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RESP deadline nearing
 Unlike
the RRSP deadline, one that comes 60 days after the end of the
calendar year, the deadline for contributions to the
Registered Education Savings
Plan is December 31.
To give us a little time to process your contributions, we would
appreciate getting them at least a couple of days in advance.
If you need information on this or any other tax matter, please
contact us.
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Highlights from the 2009 Budget
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Here's what matters to you
Personal income tax rates
 Budget
2009 essentially delivered $20 billion in personal
income-tax relief over 2008-09 and the next five fiscal years.
According to the federal-government website, this includes
increasing the basic personal amount and the top of the two
lowest personal income tax brackets by 7.5 per cent above their
2008 levels.This means Canadians can earn more income before
paying federal income taxes or before being subject to higher
tax rates.
Here's what they look like now:
Taxable income range/Tax
rate
$10,320 to $40,726/15%
$40,727 to $81, 452/ 22%
$81453 to $126, 264/26%
$126, 265 or more/29%
As well, the spousal amount, common-law partner amount and the
eligible dependent amount by 7.5% over the 2008 level of $9,600.
Effective January 1, 2009, these three amounts will be set at
$10, 320. thsi new amount will be indexed to the rate of
inflation for 2010 and subsequent years.
First-time home-buyers' credit
This budget proposes a new non-refundable income tax credit on
an amount of $5,000 for first-time home buyers who acquire a
qualifying home after January 27, 2009. The credit will be
calculated at the non-refundable tax credit rate and is
claimable in the year of acquisition. In 2009, this 15 per cent
credit would generate a tax savings of $750.
Home renovation tax credit
We're sure you've heard of this one--it was almost like it was
the only issue covered by the media when the budget was
released.
Most home renovations are eligible. The cut off date for
claiming the home improvements is January 31, 2010 and must be
claimed on the this year's tax return.
If you need more information or any other tax matter, please
contact us.
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