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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.
In the 2016 Budget, the Ontario government announced an overhaul of student financial assistance in Ontario. This included eliminating tuition and post-secondary education tax credits and multiple OSAP grants (Ontario Access Grant, Ontario Student Opportunity Grant, Ontario Distance Grant, 30% Off Ontario Tuition grant, Child Care Bursary) and ...
Qualified Tuition Program: Also known as a 529 plan, this fund allows you to make tax-free withdrawals to pay for tuition. You should note this fund is for tuition only and not for other ...
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.
Students with family incomes below $160,000 are eligible for a 30% off university tuition rebate of $1,780 from the province. [6] Tuition fees in Ontario are higher than any other province in Canada. [60] On average, undergraduate students pay 29% more and graduate students pay 41% more compared to the Canadian average. [60]
The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
The Tax Cuts and Jobs Act (TCJA) of 2017 put an end to the deductibility of financial advisor fees, as well as a number of other itemized deductions. As of January 2018, these fees no longer ...