Canada Revenue Agency Income Tax: EI Income Tax payroll tax
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Payroll Tax Increase is cheered by Canadian Businesses
How do you get thumbs up from both business and labour leaders after announcing an increase in payroll tax?
Consult the stunt by Finance Minister Jim Flaherty.
For months it has been reported that the EI (Employment Insurance) premium for employer and employee will increase by 21 cents and 15 cents for every $100 starting January 1, 2011.
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Tax Relief in Budget 2010
In his 2010 budget speech the Honourable Jim Flaherty, Minister of Finance declared “Reducing the tax burden on Canadian families and businesses through a more efficient and fairer tax system helps support Canada’s economic recovery.”
Here are some tax measures that will help families and businesses to reduce their annual tax burden:
Provide for the sharing of the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB) in cases of shared custody.
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Canada Revenue Agency Income Tax Property Tax Real Estate: Income Tax Property Tax Real Estate Tax Tax Rate
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Tax on Income from Real Estate Sale
Tax Bill on Real Estate
With the current market conditions of real estate in Vancouver and so many people buying property for their first home or investment property, it would be wise to take into consideration the tax implication, when you sell the property. Net Income from sale of property can be taxed as a business income or a capital gain, depending on the usage of the property and the primary intention of the owner.
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Fall 2010 Networking Mixer and Trade Show
taxsupport.ca has a booth at the Fall 2010 Networking Mixer and Trade Show Meetup at the Ceilis Irish Club in downtown Vancouver on October 5, 2010. During past summer we attended few meetup trade shows and received great feedback. So, it was a easy decision to attend the Fall event. This Meetup event is organized by “Vancouver Business Network”, “Byzhub Vancouver”. “Vancouver Happy Hour Group” will also be at the meetup. It is laudable that, organizers of the event have managed to keep the event free to attend.
The following business services will be present at the Trade Show.
Bartering Company
Accountant (that’s taxsupport.ca)
Financial
Web design / SEO / Social Media
Coach Kyle
Office Supplies
Branding Company
Photographer
Video Producer
Byzhub
Interestingly, media present is expected there to cover the event.
Do you know how much tax you will pay?
As a Canadian Tax Payer we all know, how much Tax refund we have received or how much we owed to CRA. Unfortunately most of us do not know our total tax bill.
Typically, in a T4 slip there are three major Tax Deduction. These are Income Tax, CPP (Canada Pension Plan Tax), EI (Employment Insurance Tax).
Tax rate for CPP is 4.95% and EI is 1.73% of your total income. CPP is maxed out at $47,200 for 2010 and maximum CPP tax is $2,163.15. EI is maxed out at $43,200 and maximum EI us $747.36.
Income Tax on the other hand never max out. Income Tax and tax rate increase progressively with increase of your income. Combining these three major taxes on your T4 slip, at a minimum everyone in Canada pays 22% of their income in taxes.
Watch the video below and you will be surprised how much tax you pay to CRA.