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_   Tax Table 2020  - for tax filing in 2021 (Ontario Residents) Taxable Income (greater than)Federal TaxOntario TaxTotal TaxEffective RateMarginal Rate FederalMarginal Rate OntarioMarginal Rate Total $$$$%%%% 10000000001.11.1 11000011110.105.15.1 12000061610.505.15.1 1300001121120.911.65.116.6 140001161622782.015.05.120.1 150002662134793.215.05.120.1 160004162636794.215.05.120.1 170005663148805.215.05.120.1 1800071636410806.015.05.120.1 1900086641512816.715.05.120.1 20000101646514817.415.05.120.1 21000116651616828.015.05.120.1...

1- Am I considering all deductible expenses when preparing tax returns ? Commission Rebates Car expenses Work-space-in-the-home expenses Meals and entertainment Advertising expenses Office expenses and supplies Tuition courses (tax credit or tax expense) Membership fee (brokerage fee) 2 –What…

Advantages of Incorporation 1- Limited Liability With a corporation, individual shareholders are not responsible for corporate debts or other liabilities. Shareholder can only lose the value of their investments. Without corporation, a sole proprietorship and partnerships put all personal assets…

  Common Perspective: Common perspective is: Maximize RRSP! When it comes to savings for retirement, nothing can beat RRSP!   Reality: Always consider below before investing in RRSP:   Current income level and expected tax bracket upon retirement. RRSP is...

Renting Principal Residence – Change in use of Principal Residence

Disclaimer   DISCLAIMER. Capital Tax blogs are intended for educational purposes and provides general information about tax and accounting related topics. Our blogs and posts are based on current or proposed tax rules at the time they are written and...

Free automatic tax return system promised for simple tax filers: This is a long-overdue change that will result in hassle free tax filing for hundreds of thousands of low- and fixed-income Canadians (on average, 12% of working-age adults in Canada…

Below are key income tax filing and payment deadlines.

Financial statements   Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management…