Charitable Giving Information

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Personal Tax Planning Canada

Question: Does Canada charge custom tax for personal belonging that I send to myself from Taiwan and receive in Canada?

I am wondering does Canada charge custom tax for personal belonging that I send to myself from Taiwan and receive it later in Canada?

I am planning to send my personal belongings(via surface mail)such as books, video game & consoles, DVDs, printer, scanner and etc. to myself when I fly to canada right after I finish sending all of my personal stuffs.

If they do charge custom, what item value should I put on the declaration form in order to avoid the tax charge?

Answer: If you are moving to Canada permanently, all personal items over a year old will be duty- and tax-free.

You need to make a list of everything you are importing. These are called GOODS TO FOLLOW. You will need to present the list upon your entering Canada.

You are allowed to import personal goods ONCE when you immigrate. If you are already a resident, these rules do not apply and duty/taxes will be charged on the fair market value of the used goods.

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Tax Planning Excel

Question: New computer?

I am getting a new laptop this weekend because of the tax free weekend. I ama university student, so will it be classified as school supplies in order to recieve the no tax discount?
Also, I need some advice on what kind of computer. I want a Mac, but is it very difficult to learn? Is it useful at the collegiate level? I plan on getting Microsoft office for it so that I can have word and excel for assignments. Is it worth it? Or should I go with a PC such as Dell or HP. If you say PC please tell me which brand and model and why. Thanks for your help!

Answer: First of all congrats on getting the new laptop idea. Ok here are the answers to your many questions,

1. Yes it should qualify as a school supplies.
2. Ok some people love MAC and some love PC. I was a PC fan for long time until now when I bought the new macbook air. If you are using MAC for first time, then yes it will be little difficult to get acquainted with the MAC interface. But hey once you know the game, its all fun. Best part is you dont need to worry about any VIRUS on MAC.
3. I think both MAC and PC can be used same at college level . All depends on how much money you willing to spend. MAC are more expensive then PC in general.
4. Yes its is worth to buy MS office for MAC or PC.if your plan to use excel or word or powerpoint etc.
5. If you plan to buy PC, my recommendation is to get HP or DELL. But this is really depend on what you are comfortable with. Some ppl go for style, slickness, color etc in addition to the specs. Why i say PC or DEll is that I also own an HP and its super. Keys are really soft, screen is very durable, and ofcourse HP customer support is awesome. Good luck.

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Tax Planning Opportunities

Question: Obama’s American Opportunity Tax Grant does any one know when he plans to start this?

He is offering college and most students $4,000 in exchange for 100 hours of volunteer service.

Answer: It's not a grant, it's a tax credit. After you (or your parents) pay for your education, you may claim a tax credit of up to $4000 of the costs for that school year, provided that you've completed 100 hours of volunteer service.

The IRS still has to write the regulations on how this will work, so I don't think you (or your parents) should expect to be able to use this credit right now. Maybe when filing your 2009 taxes.

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Charitable Giving By Religion

It’s interesting to ponder on the possibility that many individuals have had relatives that were Masons at some point of time and didn’t even realize it. Was it because those relatives were so secretive about their involvement?, or it just went unnoticed.

It would seem that Masons, non-Masons and anti masons all have their own detailed explanation as to what Freemasonry really is. The problem is that no two explanations ever seem to agree in their entirety. In fact one Mason will give his version as to what the organization is all about, and then you can ask the next Mason that comes along the same question and you will get an entirely different explanation. You will be hard pressed to believe that they are of the same organization.

There is no definite date as to when Freemasonry became a reality. It is believed it dates back to the 1700’s during the time of the stonemasons and perhaps dealt with the influence of the Knights Templar. These were Christian warrior monks who were responsible for aiding pilgrims cross the Holly Land. They ended up forming a Grand Lodge in England and they are the administrative sector of the Grand Lodges according to sectors. In the USA it seems there is a Grand Lodge in every state and in Canada one in every province. Therefore, you can see they are not a small organization by any means. It is speculated that in the USA alone there are over 1300 Lodges.

Freemasonry spread from England to the United States and boasted of many Political figures as part of their membership such as George Washington and Benjamin Franklin for example. It is said that the Freemasons played an important part in the revolutionary war. Plus it is said that many of the debates around the ratification of the bill of rights and the constitutional convention took place in Masonic Lodges.

The Lodge is the meeting place of the local chapter of Masons. The symbolic teachings that take place amongst the Mason sfocuses on the lessons that were learned during the construction of King Solomon’s temple during the biblical days. This is where the term Lodge originated. It would seem that during the winter months when the Masons were unable, to work, they would build Lodges for shelter and this is where the Lodge concept is taken from.

It’s interesting to note that the House of Commons in London depicts the layout of the Lodge. England was the founding father of the Freemasons and that which was known to spread to the USA so the English titles remained. In organizations that would refer to their leaders as president this fraternity refers to theirs as the The worshipful Master of the Lodge.

It is reported that every Lodge has their own alter that is required to hold the Volume of the Sacred Law. It is stated that in the USA and Canada that is mostly the Bible.

The backbone belief of the Freemasons is that every individual is designated to make the world a better place to live. No matter how small, one individual should strive to make the life of another individual better. Financial figures state that the Masons spend 1.4 million dollars on a daily basis for charity purpose. Donating money to Children’s Hospitals often sphere headed by the Shriners. Then there is the Scottish Rite Mason who supports a vast amount of charities. Then there are many acts of kindness that goes unnoticed, as the Freemasons reportedly do not boast of their good works.

The Masons feel it is their duty to encourage their members to be constantly striving towards the betterment of their already good qualities. They almost consider themselves a support group for the morals they believe in and stand by. It would appear they favor each other’s company because of their common beliefs.

In addition to all their charitable works, the members of the Freemasons enjoy the time they spend at their Lodges. Aside from it being an only male membership, they are family orientated and plan many family events such as picnics and outings.

There are two types of meeting that take place at the Lodges. One is the usual business meeting. These always start and end with a ceremony dedicated to the living values that the Mason stands for. There is the reading of the minutes such as would take place at any organized gathering and the voting of any applicants. There is the planning of charitable functions and personal events. The members are referred to as Brothers in this fraternity. The next type of meeting would be the initiation meeting. Here is where new members are welcomed into the Freemasonry. This done by way of ritual or formally known as degrees.

It is said that every Lodge has functions at the Lodge outside of their membership for example there are Ladies nights or bring a friend, which constitutes an open to the public scenario.

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Tax Planning India

As the name suggests ELSS (equity linked savings scheme), invests primarily in equity shares of companies. As per financial regulations, the scheme Fund manager has to invest 80% of the total amount in the equity shares and the remaining 20% per cent can be invested in other instruments like bonds, debentures, government securities and others. When you invest in ELSS your money is locked for a period of three years (minimum). Once you invest in tax saver funds you cannot withdraw the amount for three years, this acts as a blessing in disguise as tax saving funds generally yield high returns during a 3year period. The common man is basically afraid of investing his money in equity shares as he is afraid of loosing money. But a look at the recent past shows that investors who have invested in tax saver funds have never lost out on their money, rather tax saver funds have been the front runners in terms of returns to investors. A small illustration will clarify comprehensions.

If you make an investment of Rs 1,00,000/ ( 1 lac), then under section 80c this complete amount is deducted from your gross income for that particular year. If your annual income puts you in the highest tax paying zone, i.e -34%, then the investment of Rs 1,00,000/ will ensure that you get an annual tax deduction of Rs, 34,000/. So logically speaking you invest Rs 66,000/ considering the deduction. Assuming that the Mutual Fund declares an annual dividend of 10% then your total return on Rs 66,000 is [(10,000/66000)* 100] = 15.15%. This particular dividend earned is also tax-free, hence more profit. Another profitable venture out of this investment is that after a period of 3 years the capital gain that you obtain out of the investment is also tax-free. This is what makes ELSS the most attractive investment for those who have the appetite for moderate risk. However, prior to making an investment selecting a good fund house based on its reputation and track record is important. Elss are considered to be the best tax saving mutual funds in India.

ELSS is a good option to save tax and generate long term capital gains. These gains are obtained from the equity market only if you are investing in a long time horizon. Adding money in a disciplined manner creates a good corpus. The basic confusion that the average investor could have is that they consider Equity Mutual Funds and ELSS to be the same, which in true sense isn’t correct. Normal equity funds could be purchased today and disposed off tomorrow. Incase of ELSS there is a compulsory 3 year lock in period. As per the rules related to long-term capital gains, profit from equity MFs after one year becomes tax-free. As per latest sources the top 5 ELSS schemes are 1) Principal Personal Tax-saver, 2) DSP ML Tax Saver Fund, 3) Taurus Libra Taxshield, 4) Lotus India Tax Plan, 5) Franklin India Tax Shield ( FIT). Going by the current volatile market trends and with the current fiscal year approaching an end, investing in a good ELSS fund is a clever option to save taxes.

About the Author:

Investment and Financial Planner for a leading Mutual Fund House in India. To read more about tax saving with ELSS click here.

Article Source: ArticlesBase.com – Elss – Secret of Tax Saving With Mutual Fund Investments

Tax Planning in India