“Simple” Lower-Income Spouse Pays First Strategy –This is the basic idea of getting one spouse to buy household necessities and make the bill payments, freeing up the higher-earning spouse to max out their RRSP deduction. This will allow a bigger RRSP tax refund, and when those investments...
“Simple” Lower-Income Spouse Pays First Strategy –This is the basic idea of getting one spouse to buy household necessities and make the bill payments, freeing up the higher-earning spouse to max out their RRSP deduction. This will allow a bigger RRSP tax refund, and when those investments...
All of the provinces of Canada impose provincial income taxes on corporations and individuals residing or carrying on business within the province. Generally, taxable income for provincial income tax purposes is computed in the same manner as under the ITA. However, each of the provinces provides f...
Financial information, such as your bank account numbers and statements, credit card numbers, brokerage account numbers, transaction information, tax information, details of your income, property, assets, investments and investment preferences, pension and benefits, debts, and creditworthiness. Policy infor...
The recently tabled Québec budget for 2023/2024 contains several tax measures affecting individuals and corporations.
1 The rate on capital gains is one-half the ordinary income tax rate. 2 The federal basic personal amount comprises two elements: the base amount ($13,521 for 2023) and an additional amount ($1,479 for 2023). The additional amount is reduced for individuals with net income in excess of...
Let’s review Canadian tax brackets, preparation tips, and steps you’ll need to take to file your 2022 income taxes in 2023. Back: Common Small Business Tax Credits Next: A Guide to Sales Tax (GST/HST/PST)2022 Provincial and Federal Tax Brackets for Small Businesses Understanding different...
I was a Canadian non-resident for the full year of 2023 living in the US. However, I received a 2023 T4 for Ontario because the company I previously worked at in 2021 went public and the stock options vested were reported as T4 employment income. This company does have business est...
pressure the Government of Canada to offer an exemption to U.S. citizens. The basic structure of Canada’s “Underused Housing Tax” In contrast to the Municipal (Toronto,OttawaandVancouver) “Vacant Home Taxes“, Canada’s Underused Property Tax is complicated. It is likely that those ...
In addition, governments of Asian countries have played a crucial role in encouraging the automotive industry in the form of tax and fiscal incentives. For instance, the government of Thailand offers an exemption on import duties and an eight-year tax exemption for 11 categories of vehicle compone...