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Here are the Federal Tax Rates for 2018: - 15% on the first $46,605 of taxable income,- 20.5% on the next $46,603 of taxable income (on the portion of taxable income over $46,605 up to $93,208),- 26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 up to $144,489),- 29% on the next $61,353 of taxable income (on the portion of taxable income over $144,489 up to $205,842),- 33% of taxable income over $205,842. You can also find these rates on Schedule 1 of your income tax return. You will find the provincial or territorial...
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In early November of 2017, the Finance Minister announced the launch of the Government of Canada’s consultations for Budget 2018. The budget consultations allowed Canadians to provide their ideas and suggestions on how the Government can go about setting up Budget 2018 to benefit all Canadian families, communities and the country. There are a number of ways that Canadians who want to share their ideas with the Government which includes in-person and digital events with the Minister of Finance and Parliamentary Secretary Joel Lightbound, events with other Parliamentarians, and online through the budget 2018 website (www.budget.gc.ca/pbc18).In a statement published on January...
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There are a number of changes that have taken place when we rang in the new year a few days ago in terms of taxes, laws and wages. Here are some of the most significant changes:- Starting 2018, the small business tax rate dropped from 10.5% to 10%.- EI premiums have slightly increased by about $6 in new costs for the average worker and $13 per employee for the average employer.- 2018 marks the return of the sponsorship program after closing down due to backlogs.- Ontario's minimum hourly wage increase took effect last January 1, 2018 from $11.60 to $14.- Alberta's...
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CRA recently announced changes to the Voluntary Disclosures Program (VDP) to tighten the eligibility criteria to access the program. Starting March 1, 2018, a limited program will apply to taxpayers who have intentionally avoided their tax obligations. The CRA will determine if a taxpayer has intentionally avoided their tax obligations by considering a number of factors such as whether efforts were made to avoid detection through use of offshore vehicles or other means, total dollar amounts involved, number of years of non-compliance, etc. This limited program will also cover corporations with gross revenue in excess of $250 million who will apply...
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