Seniors & Taxes

Mark Fouad, a certified General Accountant (C.G.A.) on Wed. Feb. 13th. 2013 gave our Chapter #53 a very interesting talk on income tax, and what issues could save us money.

Mark Fouad is an Egyptian Canadian of 36 yrs. The fact that he just turned 65, and he can relate to hard times,  really made his talk significant to his audience. He even made us feel good about paying income tax by explaining to us that we live in a great country with a lot of freedom, and a lot of things which are free, like education at the formative level, and health services. ( Somethings,  which we all take for granted.)

Mark went on to talk about split income for spouses, which could save us a lot of income tax. He also touched on inheritance or lottery winnings which he insured us are not taxable. He also brought up the issue of taxable receipts which require a charitable number on the receipt in order to claim as a tax expense, and talked briefly about Care Giver Amount. If one is registered with the Province, and you help someone disabled to shop, cook, or care for them, you could claim up to $4000, providing you have a letter from the Province. Mark also spoke on the disadvantage in not filling a tax return. The Government would charge you a 5% penalty, and 1% every month amounting to 12% additional penalty on the money you owe. He suggested setting aside a fund to pay a little each month  to help pay your taxes at the end of the year. Mark can be reached at (204) 415-6577. He also serves the Arabic Community.      [email protected]