(647) 229 0343
|
info@mastertax.ca
(647) 229 0343
|
info@mastertax.ca

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CANADIAN TAX HISTORY

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 of 100,000 men to the Canadian armed forces participating in the First World War.  Once the revenue started coming in and the war ended, in 1918 it was likely so nice to have all that tax-money which was......

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CDN TAX RATES

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 necessity.  At MASTERTAX we’ll assist you with all things corporate tax-related, including tax return preparation, tax planning, business accounting, GST/ HST return preparation and more. We take a proactive approach to taxation through careful analysis and planning. We have......

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If you were a deemed resident of Canada in 2018.

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 the supplement forhandicapped children paid by the province of Quebec■ compensation received from a province or territory if youwere a victim of a criminal act or a motor vehicle accident■ most lottery winningsNote: Income earned on any of......

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