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As an employer, you are responsible for making regular deductions from your employees’ remuneration. You have to remit the deductions along with your share of contributions to the Canada Revenue Agency (CRA). And you have to report your employees’ remuneration and deductions on the T4 slips.
Tax brackets are the amount of income that is 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 2014.
Tax brackets are the amount of income that is 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 2015 (Click here for income tax rates and brackets for 2014).
Tax brackets are the amount of income that is 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 2013.
On Tax Freedom Day, the Canadian workers have earned enough money to pay all taxes levied by the three levels of government: federal, provincial, and local. It is the first day in the year they start earning for themselves.
Corporation is a form of business authorized by federal, provincial, or territorial law to act as a separated legal entity. Its purpose and regulations are set out in its articles of incorporation. One or more persons may own a corporation.
Business expenses are certain costs that are reasonable for a particular type of business and that are incurred for the purpose of earning income.
Articles of incorporation is a legal document filed with a provincial or territorial government, or the federal government, which sets out a corporation’s purpose and regulations.
The employment insurance (EI) rate remains unchanged at 1.88% in 2014. The maximum insurable earnings increase $1,200 to $48,600. The employees earning $48,600 or more will have to contribute $22.56 more compared to 2013. The employers will have to spend $31.58 more on EI premium for each employees with salary of $48,600 or higher. The…
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…