The Canadian Retirement Income Calculator will provide you with retirement income information, including the Old Age Security (OAS) pension and Canada Pension Plan (CPP) retirement benefits. Please use the link below https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html
Online mail – Helping you organize your Canada Revenue Agency mail https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/online-mail-helping-you-organize-your-canada-revenue-agency-mail.html
Please see the link to the Charities Listings at CRA website. It can be used to confirm if a Canadian charity is registered to help guide your donation decisions. http://www.cra-arc.gc.ca/chrts-gvng/lstngs/menu-eng.html
Last week had a meeting with tax practitioners and CRA representatives. Some things discussed: * “MyCRA” mobile app to view your return status, notice of assessment, benefit and credit information, and RRSP and TFSA contribution room—all on your mobile device. * Online Charities Listings – http://www.cra-arc.gc.ca/chrts-gvng/lstngs/menu-eng.html can be used to: confirm if a Canadian[…]
T4 slips begin to arrive in February, good time to think about WHAT TO DO WITH YOUR TAX REFUND.
Effective January 2016 MSP rated will increase by 4.2%. Family of 3 and more will be paying $150/month.
Government Announces the 2016 Automobile Deduction Limits and Expense Benefit Rates for Business.http://www.fin.gc.ca/n15/15-090-eng.asp
Tax rate changes for individuals and tax-free savings account. http://www.cra-arc.gc.ca/gncy/bdgt/2015/tc12-eng.html For the 2016 and subsequent tax years, the federal personal income tax rate on taxable income of $45,282 to $90,563 (the second income tax bracket) will be reduced by 1.5% from 22% to 20.5%. For 2016, the Government proposes a TFSA annual contribution[…]
If your business plans to purchase assets in the nearest future, consider to buy in December. Although you just start using the asset, you can claim half-year depreciation in 2015.