Tax Cuts for Businesses:
Computers and software purchased between January 27, 2009 and January 31,2011 are allowed to be claimed as 100% business expense. and need not be capitalized.
An eligible salary paid to an employee registered in a prescribed trade in the first two years of his/her vocational training qualifies for a non-refundable Apprenticeship job creation Tax Credit for the employer.
For Canadian controlled private Corporations claiming the small business deduction the net tax rate has been reduced from 12 to 11%.
The corporation net tax rate currently reduces as follows- 18% effective January 1, 2010, 16.5% effective January 2011 and 15% effective January 1 , 2012.
Tax Cuts for Individuals:
The Childrens fitness non refundable tax credit of up to $75.00 on a maximum of $500.00 eligible fitness expenses paid for each child under 16 years of age.
First time home buyers can claim a nonrefundable tax credit of $750.00 on the purchase of a qualifying home.
Pensions can be split between spouses or common law partners up to a 50/50 division to reduce overall tax paid.
Taking the bus or Go train is eligible for a nonrefundable tax credit.
Tradesmen can deduct a portion of their tool costs from their income for the year.