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Canada Revenue Agency allows employers to give two non-cash gifts per year, on a tax-free basis, to employees for special occasion such as Christmas, birthday, marriage or a similar event. The total value (including taxes) of the gifts should be $500 or less.
There are essentially four broad sources of income:
There are many different ways in which taxes can be classified. Based on economic feature or event that is to be taxed, here are some of the most common taxes in different tax systems around the world:
A personal trust is a legal arrangement that arises when a settlor transfers property to a trustee to hold and administer for the exclusive benefit of the beneficiaries. Settlor: the person who sets up the trust and makes the initial transfer of the property to the trustee.
A tax credit reduces an individual’s tax payable. Rather than specifying the amount of each credit, in Canadian tax system, most credit is calculated by multiplying the base amount by the lowest tax rate. For example, the basic personal credit for 2011 is $1,579.05. It is calculated by taking 15% of $10,527.
Canada employment amount is a non-refundable credit for work-related expenses, such as home computers, uniforms, and supplies. It was introduced in 2006.
Canada employment amount is a non-refundable tax credit (what is a tax credit?) for work-related expenses, such as home computers, uniforms, and supplies. It was introduced in 2006.
Transfer pricing describes price at which service and goods are traded across international borders between related or non-arm’s length parties, such as company divisions or a parent company and a subsidiary.
The marginal tax rate is the amount of tax on your next dollar of taxable income. Canada’s income tax system is a progressive tax system. Different tax rates are applied on different levels of income.
The first-time home buyers’ tax credit (HBTC) is a non-refundable tax credit introduced in 2009 for the first-time home buyers who acquire a qualifying home after January 27, 2009, that is – closing after this date.