Tax rate changes for individuals and tax-free savings account.
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 limit of $5,500.
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.
Some thoughts on how to survive holiday shopping. Make a list, set a budget, decide where you will go shopping, and devote specific time. Make it a pleasant activity.
Didn’t have time to report owner/management salary in 2015? You still have time to report and pay payroll deductions. Contact me to discuss email@example.com.
It’s impressive to see how the global warming change our planet. Please see the full article on CPA Canada website. CPA Canada website
Muir Glacier, Alaska, in 1882 and 2005
Budget 2015 proposes to reduce the small business tax rate in stages from 11% to a target rate of 9%, as of 2019. https://lnkd.in/dtSBqJz