Some Resources Checked Recently on Taxing (PSB, Small Corporate, and Personal ). <\/p>\n
These are just information purpose only. We do not recommend to use this information to plan your tax without discussing with an accountant. And treat this post as a draft\/beta. I plan to make the information more accurate (if there is a place to improve).<\/p>\n
You will find 2015 tax rates for Provincial and Federal Income Taxes
\nYou will find 2016 tax rates for Provincial and Federal Income Taxes<\/p>\n
You will find 2015 CPP rates, maximum CPP, and CPP exempt Amount
\nYou will find 2016 CPP rates, maximum CPP, and CPP exempt Amount<\/p>\n
You will know about Dividend Tax Credit, Gross Up (1.38 for Ontario), and Provincial and Federal Credits for Dividend Income. Dividends might reduce your overall tax (depending on your situation). You will see an article where it showed how DTC calculation works. Some dividend and some salary might work best for some. If you take a % of your current year’s revenue\/profit as dividends, you have to pay tax on the Corporate Side (on the personal side, it may or may not incur additional tax depending on the amount taken and Dividend tax credits). You also need to keep in mind, if you take dividend from current year’s revenue, you cannot count that as salary\/wage expenses, hence, you will be paying more corporate taxes.<\/p>\n
Dividends might reduce your CPP pay (it can be good or bad for you depending on what you want and what will be your situation at retirement) and No EI to pay on Dividends (Please verify on your own)<\/p>\n
Family Tax Cut is something that might help some people.<\/p>\n
Basic Personal Amount and corresponding Federal and provincial Tax credit information – you will find somewhere in the URLs.<\/p>\n
RRSP contribution might help to Reduce overall tax and take more money out of your corporation as salary. You might also check exactly how much RRSP contribution make the best sense. You might also want to check if contributing little less RRSP and invest the the difference in TFSA might make better sense or not. You might open a spousal RRSP and from your RRSP contribution limit, you might contribute to your wife’s RRSP (if she is in lower income brackets). Spousal RRSPs might help if your income is usually higher even in retirement ( I need to verify this statement: even in retirement). If you are planning to buy a house (first time) recently, and you have > 25k in your own RRSP then you might want to contribute to Spousal RRSP if she has less than 25k. Then you can withdraw 50k in total for First Time Home Buying. <\/p>\n
No resource is provided below but you might think\/consider about Quick Method; it might help in GST\/HST area (and esp. if you are doing IT consulting).<\/p>\n
http:\/\/www.cra-arc.gc.ca\/tx\/bsnss\/tpcs\/crprtns\/rts-eng.html
\nhttp:\/\/www.tax-services.ca\/cpp-ei-maximum-2015\/
\nhttp:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns300-350\/300-eng.html
\nhttp:\/\/www.taxtips.ca\/taxrates\/canada.htm
\nhttp:\/\/www.mewco.ca\/tax\/blog\/tax-tip-business-owners\/
\nhttp:\/\/business.financialpost.com\/entrepreneur\/how-to-pay-yourself-while-incurring-a-minimum-of-taxes
\nhttp:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/fq\/txrts-eng.html
\nhttp:\/\/www.taxtips.ca\/taxrates\/on.htm<\/p>\n
http:\/\/www.taxtips.ca\/taxrates\/on.htm
\nhttp:\/\/www.taxtips.ca\/taxrates\/canada.htm
\nhttp:\/\/www.theglobeandmail.com\/globe-investor\/investment-ideas\/strategy-lab\/dividend-investing\/you-do-the-math-almost-50000-in-earned-dividends-0-in-tax\/article4599950\/
\nhttp:\/\/www.taxtips.ca\/dtc\/enhanceddtc\/enhanceddtcrates.htm
\nhttp:\/\/www.taxtips.ca\/fedtax.htm
\n From: http:\/\/sitestree.com\/?p=3216
Categories:Root, Misc. Reading
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Post Data:2016-01-13 20:23:38<\/p>\n
\t\tShop Online: https:\/\/www.ShopForSoul.com\/<\/a> Some Resources Checked Recently on Taxing (PSB, Small Corporate, and Personal ). These are just information purpose only. We do not recommend to use this information to plan your tax without discussing with an accountant. And treat this post as a draft\/beta. I plan to make the information more accurate (if there is a place … <\/p>\n
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