Canada Revenue Agency Income Tax
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Today June 6, 2011 is Tax Freedom Day in Canada
Today, average Canadian family has earned enough money to pay the taxes imposed on them by the three levels of government, i.e. federal, provincial and local. This year, average Canadian family will earn $93, 831 in gross incomes and will pay tax of $39, 960 in taxes. Average taxes paid in 2011 will be 42.6% of average income.
Tax freedom day is different for each Province, depending on the provincial part of tax rate. This year the earliest provincial Tax Freedom Day fell on May 18th in Alberta and the latest date will be in Newfoundland and Labrador on June 19th.
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Top Ten Tax Tips From Late Night Show
Here is the top ten tax tips from one of the late night’s talk show, David Letterman. Not bad for a good laugh.
Income Tax
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10 More Days Left to File Your 2010 Income Tax Return
2010 Income Tax Deadline
If you don’t owe any tax and expecting a refund, you do not need to worry. CRA is more than willing to keep your refund, until you get the time to claim it.
What are the consequence of not filing your 2010 tax return by the tax filing deadline, which falls this year on May 2nd?
There are two types of late filing fees. One is the late-filing penalty and the other one is interest on the balance owning starting May 3rd, 2011.
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Are You Running a Business?
As business finance professional I always meet enterprising young men and women, trying their toes in the water of entrepreneurships. It is exciting to see someone taking charge and go with their dream and vision and make their mark in the business world.
But if we go by statistics for someone really surviving in making their business a success, it is hardly encouraging. 95% of businesses fail to survive in the first two years. Many entrepreneurs give up their dream of being successful and join the common work force of 9 to 5 jobs.
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Canada Revenue Agency Income Tax: payroll tax Tax Rate
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Personal Income Tax Measures in Federal Budget of 2011
Highlights of Personal Income Tax Measures in Federal Budget of 2011. This is very important information for families, self employed, sole proprietors and partnership businesses.
These tax incentives will cost the federal government about $35 million in 2010-11 and rising to $168 million in 2012.
Non-refundable Tax Credits ( Important to know, that you do not get any tax refund for these credits. These tax credits only can reduce your existing tax bill and give you a bigger share of tax refund).
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