and there’s no reason for you to avoid playing at the poker tables other than to watch out for the issues that might come with problem gambling. The legal climate is very permissive, the law is clear, and the tax consequences of winning a bundle in poker games are practically nonexistent...
Income trusts provided tax-exempt investors with a higher net return by eliminating the corporate-level tax of 32%. Non-residents of Canada paid a withholding tax of 15% on income trust distributions instead of a combined Canadian income and non-resident withholding tax of approximately 47%.2 H...
In September of 2005, the Canadian government launched a consultation process with regard to the non-taxable status of income trusts. Less than two weeks later, they announced that the issuance of advance rulings with regard to the creation of new income trusts was being suspended. Although ever...
Judicial developments up to June 2015, including: Rate brackets The conversion of the children's fitness tax credit from a non-refundable credit The federal government's proposed rules on income-splitting Proposed increases to limits on Tax Free Savings Accounts (TFSAs) Statutory rules for non-com...
Income TrustsDividend TaxationTax CutIn September of 2005, the Canadian government launched a consultation process with regard to the non-taxable status of income trusts. Less than two weeks later, they announced that the issuance of advance rulings with regard to the creation of new income ...
Old age security (OAS)threshold is $93,454. Your OAS will be reduced if taxable income exceeds this threshold. It is fully recovered (claw backed) at $151,668. *For individuals whose net income is greater than the amount at which the 29% tax bracket begins, the increase in the basic ...
Susan reports $575 as taxable income. Since her effective tax rate is 25%, her tax on this income will be: = $575 x 0.25 = $143.75 The federal dividend tax credit as a percentage of taxable dividends is 15.0198% for eligible dividends and 9.0301% for non-eligible dividends.4 ...
That rental income would be taxable in Canada.I have also received a specific question about investment gains in a non-registered account while abroad. If you keep your Canadian brokerage account (as I plan to) and invest in Canadian ETFs (using Canadian dollars since I think there is a ...
Unlike grants,bursaries in Canadaare taxable. Like grants, they are awarded based on financial need. Typically, you must submit documentation proving your income, savings, and expenses. Applying for Canadian bursaries is quite easy. First, you do not have to determine which bursaries in Canada yo...
Layering different guaranteed and non-guaranteed income sources may be a tax-efficient strategy for drawing down retirement savings. Individuals may receive retirement benefits from the Canadian government based on their income and contributions during their working years. The three primary government benefi...