Based on your (AMWA) average monthly withholding amount from the two calendar years. Your AMWA will be the total of (CPP), Canada Pension Plan, and (EI), Employment Insurance, and the Income Tax you need to remit for the year, divided by the number of months(Max 12). Quarterly Remitte...
We’ve been receiving this benefit since the Trudeau administration has been in power (2016), and I’m always tinkering with ways to max out this benefit. It’s worth my time since the CPP clawback basically means that parents in Canada might be paying an effective tax rate of 65%+ on...
1)If the pot of money that you use to purchase an annuity is outside of your RRSP – in a non-registered account – then your annuity payments each month will likely have very little tax on them. The only part of this payment that will be taxed will be the interest portion of the ...
When terminating employees in Canada, employers are required to adhere to a ‘reasonable’ notice period, or a payment in place of notice. The minimum notice period varies by location, and may be stipulated in an employment contract. Several factors may be considered when determining a ‘reasonab...
For example if you have Payroll and your enterprise makes overtime payments, you might write a formula to calculate the payment amounts for each assignment from inputs of the overtime rate and the hours worked for the period. The payroll run then processes each assignment and produces the ove...
How much the lender can charge you if you miss a payment How much do payday loans in Ontario cost? The maximum cost of a payday loan in Ontario is $14 for every $100 borrowed. This might not sound all that expensive at first, but you also need to take into account the very short ...
“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...
Post-dated cheque.This option is also offered by some lenders, usually by those who have physical stores. This method involves you giving the lender a cheque that it can cash on the day your repayment is due. Remember to make note of the payment date since you will need to have the cas...
take a look at the Saskatchewan Pension Plan. You provide the savings, and we’ll invest your hard-saved dollars in a low-cost, professionally managed pooled fund. At retirement, your options include the possibility of a lifetime monthly annuity payment or the more flexible Variable Benefit. ...
If you own more than 10% of the shares of the company, then Part 4 tax will not apply on the payment of the dividends to you. A T5 slip must also be prepared by February of the year following the year in which the dividends were paid to you. This is a separate filing from ...