Income Tax
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After Tax Income to Increase for Some Canadians
Canadian Taxpayers Federation (CTF) has came out with a detail analysis of new year tax increase on different provinces.
Among all the provinces BC residences will have the highest increase in taxes, which is estimated to be 2.9% more than previous year.
Contributing factor to this higher tax is increase in B.C. are MSP premiums, increase in Employment Insurance (EI) and Canada Pension Plan (CPP) source deduction.
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BC Province Canada Revenue Agency Tax Fraud: audit Scam
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Donation Tax Shelter in Canada How it Works?
In Canada a tax payer can claim 75% of his income as donation and get a Tax Credit of 43% (combined Federal and BC Province) as a tax payable reduction or cash refund.
Donation is a very attractive Tax Shelter for people in higher income tax bracket.
Donations to Canadian registered charities and other qualified donees approved by CRA can only be claimed as charitable donations.
At the end of each calendar year many tax shelter advocate give attractive and compelling presentation to tax payers to donate money to their tax shelter and either reduce tax or get a big refund.
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Canada Revenue Agency: Income Tax meetup networking
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On Line Business Tax Saving Tips
I was requested to talk about tax saving ideas for Online Business owners by Arik Sternberg founder of a Vancouver Meetup group Vancouver’s ‘Online Business Optimization’.
On line revenue generating business are taxed like any other money making business in Canada. The most important thing on line business owners can do to reduce their tax bill is to keep a detail record of all expenses related to their on line business. This alone will reduce their taxable income significantly. Further tax planning should be done with a tax advisor.
Here are the slides of the presentation.
Income Tax: IRS Tax Rate US Tax
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Obama Tax Cut Deal Will Cost U.S. For The Long Run
The Bush tax cut has been extended for two more years and it is now called the Obama Tax Deal.
Bush tax cut has been effective since 2002 when the U.S. economy was doing rather good. But since then, with housing market collapse and unemployment of millions of people, the economy has been spiraling downward.
It does not make any logical sense to me to claim that extending the Bush cut will create jobs for American People.
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BC Province: Property Tax Real Estate Tax Tax Payer
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2010 Holiday Gift from Vancouver City Council – 4.2% Property Tax Increase
The best city on Planet Earth got a little more expensive to live in and owning property. The Vancouver City Council decided to increase Residential Property Tax by 4.2% and Commercial Property Tax by 0.2%.
City’s operating budget stands at $1.03 billion.
In November the city also approved a 2.75-per-cent increase in user fees, primarily related to sewer, water and waste utility services. Some of those services were provided by Metro Vancouver.
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