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Effective January 1, 2012, the net federal corporate income tax rate in Canada was 15%, or 11% for corporations able to claim the small business deduction; in addition, corporations are subject to provincial income tax that may range from zero to 16%, depending on the province and the size of the business.
In the past, you could deduct college expenses using the Tuition and Fees Deduction. But this deduction was phased out in 2020, and instead there are several college credits that have expanded.
A new PC government was elected in June 2018, which announced significant changes to OSAP in January 2019. It included a 10% tuition fee reduction for all programs in 2019–20, followed by a freeze in 2020–21. [23] It also cut the OSAP budget from approximately $2 billion to $1.4 billion, making significant changes to the program including:
For example, if a taxpayer has an initial tax liability of $100 and applies a $300 tax credit, then the taxpayer ends with a liability of –$200 and the government refunds to the taxpayer that $200. With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference.
If you pay someone else's tuition and fees as a gift, you should be aware that the educational expense gift tax exclusion limit per year to any single individual — in this case, your child ...
An income tax rate cut reduces the percentage of income that is paid in tax. Deduction: A reduction in the amount of the taxed item that is subject to the tax: An income tax deduction reduces that amount of taxable income. Credit: A reduction in the amount of tax paid. Credits are usually fixed amounts.
The Parliament of Canada entered the field with the passage of the Business Profits War Tax Act, 1916 [17] (essentially a tax on larger businesses, chargeable on any accounting periods ending after 1914 and before 1918). [18] It was replaced in 1917 by the Income War Tax Act, 1917 [19] (covering personal and corporate income earned from 1917 ...
The government of British Columbia eliminated interest on its student loans on February 19, 2019. The Canadian federal government eliminated interest on its student loans as of April 1, 2023. [8] In September 2010 the amount of student loans owed to the Government of Canada surpassed $15 billion.