Dear Uncle Bean,
My boyfriend and I moved in together about a year ago. He is telling me that we have to select common law on our personal tax return for this year. I don’t want to do this because it is almost like saying that we are married. I’m not sure that I am ready […]
CPP/QPP-2018
Year’s Maximum Pensionable Earnings
Year’s Basic Exemption (by pay period type):
* Annual
* Monthly (12)
* Semi-Monthly (24)
* Bi-Weekly (26)
* Weekly (52)
Maximum Contributory Earnings
Contribution Rate – Employee/Employer
Contribution Rate – Self-Employed
Maximum Contribution – Employee/Employer
Maximum Contribution – Self-Employed
$55,900.00
$3,500.00
$291.66
$145.83
$134.61
$67.30
$52,400.00
4.95{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}
9.9{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}
$2,593.80
$5,187.60
TD1-PERSONAL TAX CREDIT RETURN (FEDERAL)-2018
Basic Personal Amount
Eligible Dependent or Spouse or Common-Law Partner Amount
Pension Income Amount
Age 65 Amount
Disability Amount
Canada Caregiver Amount
Family Caregiver Amount for children under […]
On January 1, 2018, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.5{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2018.
For 2018 the federal tax bracket thresholds are:
* 15{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62} for taxable income between […]
Are you ready for change? NOW is the time to prepare for tax reform, as every taxpayer will be affected by the new legislation beginning in 2018. Will you see an increase or decrease in your taxes? Will your tax return become simplified or more complicated?The ceiling on the capital cost of passenger vehicles for capital cost […]
We’d like to share the following article from Advisor.ca, clarifying the rules for income sprinkling:
“The federal government provided revised income sprinkling measures Wednesday, offering clarity about how its controversial changes to the Income Tax Act will be implemented.
The feds “have significantly narrowed the scope, and they’ve provided clarity,” says Dave Walsh, partner and tax service […]
With the recent oil price downturn in Calgary and the increase in labor costs, many businesses are looking for ways to save on their taxes and keep their doors open. Here are five ways that retail business owners can potentially save on income taxes and increase their profitability.
Family Member Worker Expenses
Wages that business owners pay […]
As a real estate agent, taxes can be one of the biggest challenges you face. Unfortunately, it’s extremely easy to miss out on deductions and thereby add unnecessary overhead to your annual revenues.
3 Tips for Handling Real Estate Agent Taxes
Fortunately, there are three very simple easy tips you can implement right away to save on […]
Working as a medical professional comes with no shortage of challenges. At Padgett Business Services®, we can’t help you with the day-to-day responsibilities you have to your patients, but we can help give you peace of mind by ensuring your finances and taxes are handled properly. To this end, we have created this list of […]
There is presently an article in the Financial Post that is very important. You can find it at: https://business.financialpost.com/personal-finance/the-delays-are-tremendous-widespread-backlogs-hamper-cra-streamlining-frustrate-taxpayers
Running a successful small business comes with one challenge after another. So it’s a major achievement – and relief – when you can finally hire that first employee and start benefiting from some extra help. Unfortunately, if you don’t understand business employment taxes, this initial hire may turn into a burden.
The 5 Steps to Properly Executing […]
