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The maximum insurable earnings increase $900 to $49,500 in 2015 from $48,600 in 2014. The employment insurance (EI) rate remains unchanged at 1.88% in 2015. The employees earning $49,500 or more will have to contribute $16.92 in more in 2015 compared to 2014. The employers will have to spend $23.69 more on EI premium for each…
The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. It is provided by Ontario government to help with the cost of making home safer and more accessible for seniors in Ontario.
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…
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.
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).
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.