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PAGE 14 THE CITIZEN, THURSDAY, FEBRUARY 12, 2004.
Financial 2004
Claiming charity donations
If you've donated to charity this
year. remember to claim the tax
credits when you file your return.
Here are some tips from chartered
accountant Cynthia Ken. of Toronto.
• Donations had to be made by Dec.
31, 2003 to claim them for the year.
If you choose not to claim them, they
can be carried forward five years.
• Total donations in excess of $200
are eligible for a 29 per cent federal
tax credit and an 11.16 per cent
Ontario tax credit. These credit rates
Canadians use their debit cards
millions of times a day. And no
wonder—they're so convenient. If
you're a good consumer, you'll be
able to get the biggest bang for your
buck out of your debit card, while
reducing your odds of being a fraud
victim.
Debit cards can charge transaction
fees, which add up quickly. Find out
from your financial institution just
what you're paying each time you
use your card. Then, track the fees
on your statement and add up the
total you're paying every month—it
could surprise you.
You may be better off paying a flat
monthly amount, which then lets
you make 10. 15 or more
transactions without additional
charges. When you need•cash, avoid
fees by trying to use only automatic
banking machines (ABMs) that
belong to your own financial
institution.
Or try to pay cash, and avoid the
charges altogether!
The overwhelming number of
debit card transactions are trouble
free, but debit card fraud is a
concern, and it could happen to
anyone. The Office of Consumer
Affairs of Industry Canada can show
you how to take steps to protect your
debit card and PIN number, and help
you spot debit card scams. Visit
consumer. ic.gc.ca
• You need a Personal
are equivalent to the highest
(marginal) tax rates for Ontario
taxpayers.
• To maximize your tax credit, have
one spouse. or common-law partner.
claim all the donations and/or
accumulate your donation credits for
more than one year to exceed the
$200 super-credit threshold
• Donations can be made 'in kind'
rather than in cash Capital gains
triggered by donating publicly-
traded securities are eligible for a
Identification Number (PIN) to use
a debit card. When you choose a
PIN, avoid the obvious, like a
birthday or phone number.
• Never write down your PIN—
memorize it.
• Don't disclose your PIN to
anyone. including family, friends,
'inancial institution employees, or
even police. Only you can keep it
safe.
• Save your receipts and review
your monthly account statements,
and .check for extra or missing
transactions. Report any
discrepancies immediately—
missing transactions could be a
sign that your card has been
"skimmed" (its information and
PIN stolen).
• Always conduct ABM
transactions when and where you
feel most secure. If you are
GRANT GNAY
Certified General
Accountant
Accounting & Tax Services
93 Wolfe St.
Goderich
reduced tax rate. called the income
inclusion rate lie.. 25 per cent versus
the usual 50 per cent).
• The annual donation limit of 75 per
cent of net income is increased by 25
per cent of any taxable capital gain
realized on a donated asset
• In the year of death, or the
preceding year, the donation limit is
100 per cent of net income."
— Brought to you by the Institute of
Chartered Accountants of Ontario.
uncomfortable using a machine for
any reason, do it later, or go to
another location.
• If you are, or think you are, a
victim of fraud, deal with it as soon
as possible. Notify your financial
institution as soon as possible, and
call the police to make a report.
- News Canada
Reduce odds of debit card fraud
Tax relief
for medical
treatment
travel
"If you have to travel out of town
for medical treatment, your
transportation costs may offer some
welcome tax relief, if you meet
certain requirements," advises
chartered accountant Scott Conner,
of Huntsville.
"For your expenses to qualify, it
must be deemed reasonable for you
to-travel away from your community
to obtain the medical services. The
one-way travel distance must be at
least 40 kilometres, the route must
be reasonably direct, and
substantially similar services cannot
be available locally. The flat rate
travel allowance is 43.5 cents per
kilometre."
"I have some good friends who
live in Newmarket and their baby
was premature. The baby is now fine
but the couple's doctor sent the baby
to a hospital in Hamilton and then to
The Hospital for Sick Children in
Toronto. These unexpected travel
costs were out of pocket, but
thankfully, they were able to claim
them on their taxes," says Conner.
— Brought to you by the Institute of
Chartered Accountants of Ontario.
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