Effective April 10, 2010, the self-employed people were given the option to access to special employment insurance benefits under the Fairness for the Self-employed Act. This is a good thing for the self-employed. However, whether it is beneficial to join the program depends on individual personal situation. As a self-employed, you should be aware of…
Month: December 2012
What is public transit tax credit?
Public transit amount is a non refundable tax credit for the cost of public transit passes for travel in Canada on local buses, streetcars, subways, commuter trains, or local ferries.
What are the income tax rates and brackets for 2012
Tax brackets are the amount of income that’s subject to specific income tax rate. The income means the taxable income that is after you take off allowable deductions from your total income. Here are the income tax rates and brackets for 2012.
Canada Pension Plan (CPP) for the self-employed 2012
If you are self-employed, you have to pay Canada Pension Plan (CPP) contribution based on your net profit (after expenses).
Canada Pension Plan (CPP) for the self-employed
If you are self-employed, you have to pay Canada Pension Plan (CPP) contribution based on your net profit (after expenses).
What is GST/HST credit
The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is to help individuals and families with low or modest incomes offset all or some of the GST or HST they pay.
Missing a tax slip is a big deal – beware of the nasty “repeated failure to report income” penalty
If you receive a T-slip after you have already filed your tax return, what would you do? The worse thing is to ignore it. You may be caught in the snare of subsection 163(1) penalty, also known as “repeated failure to report income” penalty.