Canada Revenue Agency Income Tax Tax Fraud
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A “human being” is fined $43,830 for tax evasion
In a recent news release CRA officials notified that James Bradford Medd 67, (a human being) was found guilty in Ontario Court of Justice in Lindsay on Sept. 21 on four counts each of Income Tax and Goods and Services Tax (GST) evasion, relating to tax years 2003 through 2006.
On Wednesday (Sept. 29), he was fined $43,830, and given one year to pay the fine.
The CRA investigation into his bank and business records stemmed from a routine audit and included an execution of a search warrant at his residence. more »
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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Canada Revenue Agency HST Income Tax: CRA Tax
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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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Canada Revenue Agency: Income Tax Tax Rate
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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.