One-stop Canadian tax information center
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.
If you are self-employed, you have to pay Canada Pension Plan (CPP) contribution based on your net profit (after expenses).
If you are self-employed, you have to pay Canada Pension Plan (CPP) contribution based on your net profit (after expenses).
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.
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.
It is well known that medical expenses are personal expenses. They are only eligible for a tax credit (not a deduction) for the amount over 3% of net income. It is relatively little known that you can write off medical expenses if you own a business with a private health services plan (PHSP), a structure…
Many people are talking about paying too much tax in Canada. But not many Canadians know exactly how much they pay for income tax each year, or in other words, what percentage of their total income goes to the taxman.
If you own a corporation, you have different options to extract money from your corporation. Tax is a critical factor to consider while you are deciding which option to take.
It is very common that one spouse earns a much higher income than the other does. For those families, the family’s combined tax bill can be reduced if the higher earner pays family expenses and the spouse with lower income saves and invests.
There are a lot of confusions regarding the tax deductibility of legal fee expenses. The general rule is simple: they are deductible only to the extent that they are incurred to gain or produce income from a business or property.