On March 23, 2023, Minister of Finance Peter Bethlenfalvy tabled Ontario’s 2023 budget. This year’s budget projects a deficit of $1.3 billion, with plans to balance the budget next year, despite ongoing global economic uncertainty. Continuing the government’s “building” theme from last ...
In other words, take your total Ontario remuneration for the year, subtract the amount of the tax exemption and then multiply that number by the applicable tax rate. Remuneration is the employment income(box 14 of the T4 slip)that is taxable under sections 5, 6, and 7 of the federal Inc...
Unless gambling forms the main part of your income, you’re free to win at the roulette tables and pay nothing in tax. Gaming Revenue The tax rate for Ontario online casinos and sportsbooks is being set at 20%. That’s higher than some of the rates down south in the US. However, ...
The profit that you make from a house flip is considered business income (unless there is an exception, such as a job or family change), which means it is 100% taxable. Therefore, the $200,000 profit that you made in the example above will need to be claimed on your annual tax ...
2023$6,500$88,000 2024$7,000$95,000 2025$7,000$102,000 TFSAs compared to RRSPs If you’re young – say under 40 – favour the TFSA. You likely need money for household formation. Also, your prime earning years are still likely ahead of you and the higher your income, the greater...