Welcome!

Jane Ritchie, Cristina Shortt, Andrew Tully

Ritchie Shortt & Tully LLP has been serving South-Central Ontario for over 15 years.  Our diverse client base ranges from professional partnerships and owner-operated small businesses to distributors, real estate companies, car dealerships and manufacturers.

Both Jane Ritchie and Cristina Shortt specialize in tax, which means they have had extensive training and experience in the area of taxation. Put that knowledge to work for you! 

Whether you have a large corporation that requires an annual audit or need some advice regarding your RRSP contribution, Ritchie Shortt & Tully LLP's team have the skills and expertise to provide practical solutions to the challenges facing your business. As your business advisors, Ritchie Shortt & Tully LLP can make a significant contribution to your company's performance.

What's New

New Partner Announcement

Jane Ritchie and Cristina Shortt are pleased to announce the further strengthening of their public accounting practice with the promotion of Andrew Tully to partner.

Andrew graduated from The University of Waterloo with a Bachelor of Mathematics in 2000. He qualified as a Chartered Accountant in 2002. He has also completed the CICA In-Depth Tax Course. Throughout his career, Andrew has worked closely with small business owners to meet their personal and corporate accounting and tax needs.

In addition to his role at Ritchie Shortt & Tully LLP, Andrew is an active volunteer in Durham Region. His work includes serving as Treasurer on Whitby's Station Gallery Board, a member of the Rotary Club of Whitby Sunrise, and lecturing annually on a variety of tax issues relevant to the community.

Jane and Cristina are proud that Andrew is joining the partnership. "He has worked extremely hard for this achievement. His commitment to the firm and dedication to the community inspires us all. Andrew has gained excellent experience, established solid client relationships and will continue to be an asset to our team."

Limited Liability Partnership

Ritchie Shortt & Tully LLP has become a registered Limited Liability Partnership, effective January 1, 2009, as permitted by legislation of the Province of Ontario. The Firm will now be known as “Ritchie Shortt & Tully LLP”.

Please click here for more information.

Tax-Free Savings Account (TFSA)

Beginning in 2009, an individual who is resident in Canada and age 18 or older will be eligible to establish a TFSA and contribute up to $5,000 (indexed annually) to this registered account. Contributions will not be tax deductible; however, income and gains on investments held in the TFSA will not be taxable and any withdrawals will be tax free.

If an individual does not make a full contribution in a year, the unused contribution room will carry forward indefinitely and is available for contribution in a subsequent year. Excess contributions will be subject to a penalty tax.

If a withdrawal is made, the amount of the withdrawal is added to the individual's contribution room in the following year.

Eligible investments in a TFSA generally include the same investments as an RRSP. Interest on money borrowed to contribute to a TFSA is not tax deductible.

There is no attribution on funds transferred to a spouse or common-law partner to contribute to a TFSA. A TFSA can be transferred to a spouse or common-law partner on a tax-free basis on death or to a former spouse if a marital breakdown occurs.

Please call our office if you have any questions or would like further information.

CPP Changes for 2009

The Canada Revenue Agency recently announced that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2009 will be $46,300 - up from $44,900 in 2008. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $46,300 in 2009 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2009 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.

The employee and employer contribution rates for 2009 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employer and employee contribution to the plan for 2009 will be $2,118.60, and the maximum self-employed contribution will be $4,237.20. The maximums in 2008 were $2,049.30 and $4,098.60.

2009 tax tips and reminders:

• Automobiles - The automotive rates for 2009 are $0.52 per kilometre for the first 5,000 km and $0.46 per kilometre for each additional kilometre in excess of 5,000 kilometres. The taxable operating benefit for company-owned vehicles is $0.24 per kilometre per personal use kilometre. See FAQ for details on allowed automobile amounts.

• CRA prescribed interest rates for the first quarter of 2009 are 2% for calculating taxable benefits, 4% on refunds of income tax overpayments and 6% on payments of overdue accounts.

• Maximum Employment Insurance premiums for 2009 are: employee $731.79; employer $1024.51 for a total of $1,756.30 ($1,706.47 in 2008).

• Maximum Canada Pension Plan pensionable earnings for 2009 are $46,300 with an exemption of $3,500, leaving a maximum contributory earnings of $42,800 at 4.95% equalling $2,118.60. The employer (or self-employed person) matches this amount for a total of $4,237.20 ($4,098.60 in 2008).

• Effective March 31, 2009, the general minimum wage will increase from $8.75 to $9.50 per hour. The minimum wage for students under 18 who do not work more than 28 hours a week will rise from $8.20 per hour to $8.90 per hour. For more information on minimum wage, including the upcoming increases to the rates, visit the Ontario Ministry of Labour website.

Personal Tax and Benefit Information for Individuals

CRA has an online service called "My Account" that allows you to access your own tax and benefit account information on the Internet. You can see information about your tax refund and balance owing, RRSP, Home Buyer's Plan, CCTB payments, GST credit and more. In order to access the “My Account” information, you must first register for a Government of Canada epass. Click here for more details.

Click here to read previous tax tips and reminders.

2008 Combined Federal and Ontario Tax Brackets for Individuals

 (including surtaxes)

Please note: this material is general in nature and should not be relied upon to replace the requirement for specific professional advice.