Chapter 4: Tax updates This document contains instructions for updating the Canadian Payroll module for Microsoft Dynamics GP for 2024 filing requirements. This update also includes Round 1 tax updates for 2025 federal, provincial, and territorial taxes.These...
Ok, so can we say that Canadian small businesses are the same thing as CCPCs and that CCPCs effectively pay 9% federal tax while non-CCPC corporations pay 15% tax? No…it’s not that simple. The government has decided that the Canadian small business tax rate is only applied to a cor...
Federal Budget 2015/Worker$288 B$15,000 Est. 2015 Income Tax/Worker$180.6 B$9,405 Est 2015 Consumption Tax/Worker$50.2 B$2,615 Education Cost/Student$55 B$7,857 (Data Source: Statistics Canada) "There is no HOPE in our past, only HOPE in our future."... Jim Reid CFP Founder ...
In the run up to Canada Day and the 150th anniversary of Canadian Confederation, here is another in a line of recent snapshots of the federal government – this time its consumption tax revenues. Why consumption taxes? Well, economists like to make the case for more emphasis on consumption ...
1) There are actually two different dividend tax credits: the Provincial Dividend Tax Credit and the Federal Dividend Tax Credit 2) The reason for these tax credits is rooted in the idea of tax fairness. Because businesses pay corporate taxes before money is disbursed to shareholders, there is...
1) There are actually two different dividend tax credits: the Provincial Dividend Tax Credit and the Federal Dividend Tax Credit 2) The reason for these tax credits is rooted in the idea of tax fairness. Because businesses pay corporate taxes before money is disbursed to shareholders, there is...
David G. DuffFor a fuller discussion, see David G. Duff, "The Federal Income Tax Act and Private Law in Canada: Complementarity, Dissociation, and Canadian Bijuralism" (2003), vol. 51, no. 1 Canadian Tax Journal 1-63.
Federal 36.1 10.1 Combined Federal & Provincial 67.5 24.5 The rate of increase in provincial debt has not been uniform. For example, Alberta’s debt has increased by almost 125% whereas Saskatchewan’s debt has increased by ust under 3%. How Is Provincial Debt Raised In Canada? Each province...
Did you know that your federal tax can be reduced if you purchase solar panels for your home? It is 30 percent equal to your solar system purchase price and 10 percent for commercially used solar panels, and lastly 0 percent for residential projects. The Bottom Line Your house can reach an...
As outlined during the Federal election campaign, the Tax Free Savings Account (TFSA) contribution limit for 2015 will remain at $10,000; however, the limit will be reduced to $5,500 for 2016. Refundable tax on CCPC investment income and dividend refunds Currently, where a Canadian...