Tax Tidbits

NEW RRSP MAXIMUMS FOR 2009

Plan now to make your RRSP maximum contribution in 2009ó18% of earned income to a maximum of $21,000 (this is possible when earned income in 2008 was $116,667).

MEAL AND VEHICLE RATES FOR 2008

CRA has released the new rates for meal and vehicle expenses.

For meal expenses, the simplified rate is unchanged from 2007, a flat rate of $17 a meal or $51 per day, per person is allowed without receipts.

For the simplified method of claiming vehicle expenses, the number of kilometres driven during the year may be multiplied by the appropriate cents/km rate below for the province in which travel begins.

Province or territory

Cents/kilometre

Alberta

53.0

British Columbia

54.0

Manitoba

50.5

New Brunswick

52.0

Newfoundland and Labrador

55.5

Northwest Territories

64.0

Nova Scotia

52.5

Nunavut

64.0

Ontario

55.5

Prince Edward Island

52.5

Quebec

58.0

Saskatchewan

49.5

Yukon

66.0