Under Canadian tax law, the general rule is that all amounts paid by an employer to his or her employees are treated as taxable income. That rule holds whether those amounts are paid as cash remuneration, or in the form of non-cash benefits.
Newsletter - Page 26 of 34 - Akler Browning LLP
Latest news and regulations from the financial world.
For most taxpayers, the first few months of the year are a seemingly unending series of bills and payment deadlines. During January and February, many Canadians are still trying to pay off the bills from holiday spending.
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.
The Employment Insurance premium rate for 2021 is unchanged at 1.58%.
The Quebec Pension Plan contribution rate for 2021 is set at 5.9% of pensionable earnings for the year.
The Canada Pension Plan contribution rate for 2021 is set at 5.45% of pensionable earnings for the year.
Dollar amounts on which individual non-refundable federal tax credits for 2021 are based, and the actual tax credit claimable, will be as follows:
The indexing factor for federal tax credits and brackets for 2021 is 1%. The following federal tax rates and brackets will be in effect for individuals for the 2021 tax year.
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2021 are listed below.
Planning for – or even thinking about – next year’s taxes when it’s not yet even mid-December may seem more than a little premature. However, most Canadians will start paying their taxes for 2021 with the first paycheque they receive in January, and it’s worth taking a bit of time to make sure that things start off – and stay – on the right foot.