In September 20, 1917, the Canada Income Tax Act. (ITA) was born declaring: 2 (1) An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year. This tax was required as a necessity to finance the addition […]
In Canada Building a business is an emotional, financial, and physical investment and the Corporate Income tax rate is a tax collected from companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year. Therefore having a comprehensive tax strategy for your business is a […]
If you were a deemed resident of Canada in 2018, you have to report your income from all sources, both inside and outside Canada. — Amounts that are not taxed in Canada —You do not have to report certain amounts as income,including all of the following:■ any GST/HST credit and CCB payments■ child assistance payments and […]
MASTERTAX is the business partner you have been looking for. Not all Canadians are familiar with federal tax regulations and how to file their tax returns. We are experts in Canadian Taxation and we can develop tax-minimization strategies to optimize your after-tax position and increase profit.
How much tax you’ll pay is determined by where you live in Canada, In Ontario we pay additional tax rates – – 5.05% on the first $43,906 of taxable income – 9.15% on the next $43,906-$87,813– 11.16% on the next $87,813-$150,000 – 12.16% on the next $150,000-$220,000