How does zombie debt affect your credit?
June 28, 2011 by Laura Reveley · Leave a Comment
The moment a collections agent picks up your old zombie debt and brings it back to life, the agent will begin to threaten your credit. Since the debt may be months or years old, the agent can mark you as 90 plus days late on the debt–a significant dent to your credit. If you verify the lender’s right to collect and make a payment, consider asking the lender to remove the negative report from your credit. Many collections agents will be happy to take this step in return for a payment in full.
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Claim the Ontario Children’s Activity Tax Credit
April 22, 2011 by Laura Reveley · Leave a Comment
If you are an Ontario resident and have enrolled your kids in music or dance lessons, you might want to take advantage of the Ontario Children’s Activity Tax Credit when preparing your income taxes. The CATC, which was introduced late last year, allows parents to claim up to $500 of eligible expenses per child. The refundable credit is worth $50 per child under 16 years of age and $100 for a child with disability under 18 years of age.
The CATC applies to a wider range of activities than the Federal Children’s Fitness Tax Credit. In addition to sports, arts, music, language and even tutoring expenses qualify for the credit. Check this page for the list of activities eligible for the credit. You have to claim the CATC on Form ON479 “Ontario Credits” in Line 6309.
It is not clear to me if taxpayers can claim the same activity for both the Children’s Fitness Amount as well as under the CATC. As the wording on the Ontario Ministry of Revenue page does not explicitly forbid claiming both tax credits for the same activity, I’m assuming taxpayers are allowed to do so. If you are