Provinces and territories each have their own graduated tax brackets, income limits and tax rates that differ from one another and the federal rates and tax brackets. This means that if you and a friend both have the same amount of taxable income, but you live in Ontario and they live in...
The higher income spouse would need to report the interest income when filing taxes. How much is the interest on a spousal loan? The CRA publishes, on a quarterly basis, a prescribed interest rate which is the lowest that can be charged for a spousal loan. As of 2024, the prescribed ...
[the Ontario payroll for the year – the tax exemption] x the applicable tax rate 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...
Canada PRO is how the government disperses certaintax creditand benefit program payments to eligible residents of Ontario and Alberta. Canada PRO deposits are made by the CRA on behalf of those provinces. You have to meet certain income and residency criteria to be eligible for benefits from the...
The higher income spouse would need to report the interest income when filing taxes. How much is the interest on a spousal loan? The CRA publishes, on a quarterly basis, a prescribed interest rate which is the lowest that can be charged for a spousal loan. As of 2024, the prescribed rat...
What Is the Ontario New Home Warranty Program? Deposit Structures for Pre-Construction Condos What Are Condo Maintenance Fees? Do I Need a Property Manager? How to Find Qualified Tenants for Your Rental Property What Are Buyer Incentives? What Are The Motives For Investing in Real Estate? What...
See our Editorial ProcessShare Feedback Related Articles How Do I Choose the Best Savings Bonds for Children? What Are Treasury Bonds? What is the Difference Between Treasury Bills and Treasury Bonds? What are Treasury Bond Futures? What are Ontario Savings Bonds?
What is the Ontario surtax? Surtax. For 2021, the Ontario's surtax is: where the basic provincial tax payable is less than or equal to $4,874, the surtax is $0. where the basic provincial tax payable is greater than $4,874 and less than or equal to $6,237, the surtax is20% of...
Down payments are an essential part of the homebuying process. Find out how it affects your mortgage and get tips to turning your home goal into a reality.
A 15% minimum tax on certain large corporations with global supply chains, markets, and operations. An increase in the top individual tax rate to 39.6% from 37%. An increase in the long-term dividend rate and qualified dividend income rate to 39.6% from 20% for incomes exceeding $1 millio...