A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although there is no tax deduction, the interest and income earned within the plan is sheltered, […]
CPP/QPP—2013
Year’s Maximum Pensionable Earnings
$51,100.00
Year’s Basic Exemption (by pay period type):
* Annual
$3,500.00
* Monthly (12)
$291.66
* Semi-Monthly (24)
$145.83
* Bi-Weekly (26)
$134.61
* Weekly (52)
$67.30
Maximum Contributory Earnings
$47,600.00
Contribution Rate – Employee/Employer
4.95{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}
Contribution Rate – Self-Employed
9.9{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}
Maximum Contribution – Employee/Employer
$2,356.20
Maximum Contribution – Self-Employed
$4,712.40
EMPLOYMENT INSURANCE – 2013
Maximum Annual Insurable Earnings
$47,400.00
Premium Rate (Employee)
1.88{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}*
Premium Rate (Employer, 1.4 x Employee)
2.632{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}*
Annual Maximum Premium (Employee)
$891.12*
Annual Maximum Premium (Employer)
$1,247.57*
*Unless a reduced premium […]
On January 1, 2013, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.0{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2013.
For 2013 the federal tax bracket thresholds are:
22{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62} for taxable income above […]
This is the story of Backstop Bob. Backstop Bob owns and operates Backstop Bob’s Baseball Emporium. Backstop Bob sells baseball bats. He thinks that he has been very successful.
Every month, Bob reviews his financial statements with his accountant. Each month, he is told that he is making money. At the end of the year, he […]
So you have just landed the largest contract ever over lunch. Your customer is happy, you are happy, everyone is happy. You merrily pick up the check thinking all is well. The waiter hands you your credit card back along with your receipt. You then leave the restaurant confident that all is well.
A few days […]
There are three different variations that are accepted business meals. In the first variation, a meeting is held between two or more individuals to discuss business topics. A perfect example of this type of business meal would be if you and a potential customer went to a restaurant to discuss doing business together. Another example […]
Business owners understand the importance of keeping records up-to-date. Unfortunately, pa-perwork has a habit of piling up – quickly!
PADGETT BUSINESS SERVICES now offers a solution – PADGETT CONNECT
PADGETT CONNECT is an easy-to-use business software applications package that is customized for your business. You don’t need to be a com-puter whiz or an accountant to use […]
A tax return must be filed if you have to pay income taxes. A tax return must also be filed if you have not repaid all amounts withdrawn from your RRSP unde the Home Buyers’ Plan or the
Lifelong Learning Plan.
Other situations may warrant the filing of a tax return. They are:
You want to claim a […]
Since January 2011, self-employed Canadians will be able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits:
Maternity benefits (15 weeks maximum) available to birth mothers. It covers the periods surrounding birth. A claim can be submitted up to 8 weeks before the expected date of birth;
Parental / adoptive […]