I THOUGHT IT WOULD BE INTERESTING TO  INITIATE A ENERGY SAVING PROGRAM. OUR HOUSE DOES HAVE ELECTRIC HOT WATER.  TWO ADULTS NO CHILDREN. WE IMPLEMENTED LAUNDRY ON WEEKENDS. UNPLUGGED ALL PHANTOM POWER. WE ALSO GOT IN THE HABIT IF YOUR NOT IN THE ROOM TURN THE LIGHTS OFF. AFTER A FEW WEEKS IT BECAME THE NORMAL. IT WAS VERY ANNOYING AT FIRST.  OUR HYDRO PLAN WAS 153.00 A MONTH. SINCE WE STARTED WHAT I CALL CARL'S ENERGY PLAN  OUR LATEST  BILL CAME IN UNDER 200.00 THATS LESS THAN 100.00 A MONTH. I AGREE TIME OF USE BILLING IS A PAIN IN THE BUTT AND I THINK IT IS UNFAIR TO PUNISH SHIFT WORKERS. NONE THE LESS IT CAUSED US TO TAKE A LOOK AT OUR CONSUMPTION. MY COUSIN CAME OVER AND CALLED OUR HOUSE THE BAT CAVE BECAUSE IT WAS SO DARK. I IMAGINE SAVING $ 53.00 A MONTH IS NOT THAT SIGNIFICANT TO SOME PEOPLE BUT A FAMILY OF FOUR WITH YOUNG CHILDREN I THINK IT IS SUBSTANSIAL. WHATEVER YOUR OPINION ON THE HYDRO ISSUE HERE ARE THE RESULTS.

Democratic Party (NDP) plans on introducing a private member’s bill to take the provincial portion of the HST off home heating as soon as the Legislature resumes.

The bill will be brought forward by newly elected MPP Michael Mantha (Algoma-Manitoulin), who said it could save families $100 a year, removing the provincial portion of the HST off home heating only if you heat your house with natural gas or oil. There would be no break if a home is heated with electricity.

While Progressive Conservative Leader Tim Hudak said he personally supports the idea of taking the provincial portion — or 8 per cent of the 13 per cent harmonized sales tax — off home heating and hydro, the Liberals are not warm to the idea.

The NDP proposal would cut provincial revenues by nearly $350 million a year, Finance Minister Dwight Duncan said in a statement.

NDP Leader Andrea Horwath said the party did not include removing the HST off of hydro on this private member’s bill because she thought just taking it off heating was a “first practical step” in making a difference in people’s lives.

During the fall election, the PCs along with the New Democrats campaigned on removing the tax from heating and hydro.

Mr. Hudak would not whip the vote or get all his 37 MPPs to support the bill. The NDP have 17 seats in the 107-seat Legislature and the Liberals have 53, one shy of a majority.

To learn more read the NDP press release.

Here is a article explaining TFSA's. Source : National Post

Jonathan Chevreau  Nov 15, 2011 – 1:50 PM ET | Last Updated: Nov 15, 2011 3:57 PM ET

ivey.uwo.ca

ING Direct CEO Peter Aceto

The headline on today’s blog is a variant of a similar question posed in a press release issued Tuesday by ING Direct: WHY have Canadians forgotten about TFSAs? [my emphasis on the "Why."]

I’m not sure I agree Canadians have forgotten TFSAs, since many didn’t know them long enough to forget them in the first place. I’d argue that those who immediately saw the benefits maxed out their $5,000 contribution in January 2009 and did so again early in 2010 and 2011. This group has likely already put money put aside to make a fourth contribution the moment January 1st, 2012 arrives.

According to a perception survey by ING, 13% of Canadians still don’t know what a TFSA is. For the record, TFSA stands for Tax Free Savings Accounts and they let you save or invest money with none of the normal tax liability on interest, dividends or capital gains.

Another 37% are still unclear how a TFSA works. Not surprisingly, older Canadians (defined as 55 or older) say they “fully understand” what a TFSA is, compared to only around 30% of those aged 18 to 54. That’s not a surprise either. We older folk have been filing tax returns for three or four decades and are only too well aware how much tax we pay on simple bank accounts, Canada Savings Bonds, or dividend-paying stocks if they are held outside tax shelters like the RRSP, or now the TFSA.

The ING survey also found 70% view TFSAs as a long-term savings vehicle, although only 24% use it primarily for retirement savings. Personally, that’s how I view it: the TFSA makes a nice complement to the RRSP. The difference is that the RRSP will eventually subject you to future tax liability when it becomes a RRIF (Registered Retirement Income Fund) and is subject to forced annual taxable withdrawals — whether or not you need the money.

The beauty of the TFSA is that won’t happen after age 71: any investment income spun out of it is yours to keep, tax-free. And also unlike an RRSP, you’ll be able to keep adding another $5,000 every year no matter how old you get.

A “no-brainer” tax shelter if ever there was one

That’s why I call the TFSA a “no-brainer,” and I mean that in the positive sense of a win-win vehicle that you don’t have to think too long and hard about before deciding to use. I honestly can’t think of any drawbacks* to it while the alternative — saving in taxable accounts — subjects all interest income to the highest marginal tax: 46% for many Canadians. (* See PS for one drawback)

Many Ontario municipalities have programs to provide tax relief to Heritage Property Owners. Municipalities pass by laws and can formerly designate properties of cultural heritage and interest. There are 30 municipalities that have tax relief programs.  Tax relief and grants are being offered to this growing section of the real estate market. The range of savings is 10 to 40 percent .

The three Programs are : Heritage Property Tax relief measure,.Direct Cash grants for rehabilation and restorations projects, and Muncipal tax back grants.

The property must be designated from the Ontario Heritage Act:

Please note programs vary from one muncipality to another:  You should  for more information contact your local municipal office to see if any of these programs are in place.

Excerpts of this article  Realtor Edge : Author of full article is  Mr. Robert  B Hulley

This summer is a posting to assist clients who may own a heritage property.

Information deemed reliable but not guaranteed.

I recently attended a seminar on ” Taxation of Residential Real Estate” put on  by the Oakville Real Estate Board. The speaker was Maureen Tabuchi and was sponsered by Insuranceland and Colour Tech marketing One expense often overlooked is moving expenses. You can potentially garner a huge refund providing you move at least 40 kilometers to another location. Your moving expenses might be allowable if you are employed  and your new home is closer to work, you are moving closer to your self employed business. You are a full time student and moving to attend school or closer to a summer job.

Many expenses that may be deductable are as follows, packing, breaking a lease, furniture storage, insurance costs, transportation costs, up to 15 days of meals, mortgage prepayment penalties, legal fees, and REAL ESTATE COMMISSIONS ( OF YOUR OLD HOME)  mortgage interest, property taxes( up to  $5000 ) utility reconnections.

Please if you are planning a move over 40 km , please contact your accountant to verify the above information, and to verify the latest tax information. So you can know what you can and cannot deduct.

Home Buyers’ Plan (HBP)

Here is another incentive to assist people with home ownership.

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $20,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability .

Under proposed changes, for 2009 and subsequent years, withdrawals made after January 27, 2009, the maximum is increased to $25,000.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

Information from government of Canada web site deemed accurate but not guaranteed.

The Home renovation Tax credit means you can qualify for $ 1,350.00 on renovations if they are completed by next February.

The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).

Here is the link to assist you further http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html

Information from Government of Canada web site deemed accurate but not guaranteed.

First time buyers are gettting  assistance from the government. You can now qualify up to $ 750.00 towards your closing costs.

. How is the new HBTC calculated?

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

3. Who is eligible for the HBTC?

An individual will qualify for the HBTC if:

• they acquire a qualifying home; and
• neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of purchase or any of the four preceding years.

For more information here is the link  http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

Information from Government of Canada website Information deemed reliable but not guaranteed

Grants and Rebates for Consumers