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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.
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 ...
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [4]
The returns can be either printed and sent to CRA by mail or submitted to CRA electronically through a government service called NETFILE. Some tax preparation companies allow customers to file tax returns for free. The biggest tax preparation companies in Canada are H&R Block and Intuit, the maker of TurboTax. [3]
The Canada Education Savings Grant (CESG) is provided to complement RESP contributions, wherein the government of Canada contributes 20% of the first $2,500 in annual contributions made to an RESP. After changes introduced in the 2007 Canadian federal budget , the government may contribute up to $500 per year to a participating RESP, to a ...
A notable example of how the Capital Cost Allowance can impact business activity was seen in the Canadian film industry in the 1970s, when the government of Pierre Trudeau introduced new regulations to facilitate the production of Canadian films by increasing the Capital Cost Allowance for film production to 100 per cent in 1974. [30]
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 ...