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Newfoundland and Labrador Tax Rates for 2018

  • June 23, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $36,926 8.7% In excess of $36,926 $3,213 + 14.5% on next $36,926 In excess of $73,852 $8,567 + 15.8% on next $57,998 In excess of $131,850 $17,731 + 17.3% on next $52,740…

New Brunswick Tax Rates for 2018

  • June 23, 2019
  • by binaycjha
  • No Comments

2018 Taxable Income 2018 Tax Rates Up to $41,675 9.68% In excess of $41,675 $4,034 + 14.82% on next $41,676 In excess of $83,351 $10,210 + 16.52% on next $52,159 In excess of $135,510 $18,826 + 17.84% on next $18,872…

Ontario Tax Rates for 2018

  • June 23, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $42,960 5.05% In excess of $42,960 $2,169 + 9.15% on next $42,963 In excess of $85,923 $6,100 + 11.16% on next $64,077 In excess of $150,000 $13,250 + 12.16% on next $70,000…

Saskatchewan Tax Rates for 2018

  • June 23, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $45,225 10.5% In excess of $45,225 $4,748 + 12.5% on next $83,989 In excess of $129,214 $15,247 + 14.5% on reminder

Manitoba Tax Rates for 2018

  • March 5, 2019
  • by binaycjha
  • No Comments

2018 Taxable Income 2018 Tax Rates Up to $31,843 10.8% In excess of $31,843 $3,439 + 12.75% on next $36,978 In excess of $68,821 $8,154 + 17.4% on reminder

British Columbia Tax Rates for 2018

  • March 5, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $39,676 5.06% In excess of $39,676 $2,008 + 7.7% on next $39,677 In excess of $79,353 $5,063 + 10.5% on next $11,754 In excess of $91,107 $6,297 + 12.29% on next $19,523…

Alberta Tax Rates for 2018

  • March 5, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $128,145 10% In excess of $128,145 $12,815 + 12% on next $25,628 In excess of $153,773 $15,890 + 13% on next $51,258 In excess of $205,031 $22,553 + 14% on next $102,516…

Personal Tax Return Filing for 2018

  • January 24, 2019
  • by binaycjha
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T1 tax returns and T1135 filing for 2018 will start from Monday, February 18, 2019, at 8:30 a.m. (Eastern Time). Any prior year filing (i.e., for 2015, 2016, 2017) including T1 Amendments must be completed before 11:59 p.m. local time…

Federal Tax Rates for 2018

  • December 26, 2018
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates 2017 Taxable Income 2017 Tax Rates Up to $46,605 15% Up to $45,916 15% In excess of $46,605 $6,991 + 20.5% on next $46,603 In excess of $45,916 $6,887 + 20.5% on next $45,916…

Amending Personal Return T1

  • December 20, 2018
  • by binaycjha
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When to amend your T1 Return? You can amend your return when you discover any mistakes or omission on your original filed return which resulted in either an increase or decrease in the amount of tax payable. CRA’s preferred method Write a…

Foreign Income Verification

  • December 6, 2018
  • by binaycjha
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T1135-Foreign Income Verification Statement All Canadians are required to report their worldwide income as well as any assets outside Canada over $100,000 by using form T1135. But this is the most common mistakes new immigrants are doing by not declaring…

How to avoid double taxation in Canada?

  • December 6, 2018
  • by binaycjha
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Foreign Tax Credit Canadian resident for tax purposes or deemed Canadian residents who were present in Canada for 183 days or more in a taxation year is taxed on their worldwide income. So, they have to report their foreign income…

Uses of financial reports

  • November 29, 2018
  • by binaycjha
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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 with a more…

Fundamental concepts in accounting

  • November 11, 2018
  • by binaycjha
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Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. To prepare the financial statements, it is important to adhere to certain fundamental accounting concepts. Going…

Retention of books and records

  • November 10, 2018
  • by binaycjha
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Financial books and records including all Income Tax and GST/HST returns must be retained for six years starting from the end of the taxation year.