CENTS PER KILOMETRE 2015 PROFESSIONAL
The Life in the Tax Lane video for December includesĭiscussion of possible changes coming for Professional Corporations, audits of $10,000), increase the donation tax credit rate (but only for high incomeĮarners), and other provisions for CCPCs related to the new highest tax rate. The Family Tax Cut, revise the TFSA limit to previous levels (but leave 2015 at Middle-income tax rate reduction and the high-income tax rate increase, cancel Proposals were introduced on December 7th that would enact for 2016 the Legislative Proposals Prior to 2016 Budget The previously planned increase in the HST rate from 13% to Investment Income Tax Calculator for all Provinces/Territoriesĭifference in taxes payable on different types of investment income.Įven when the age credit and Old Age Security are clawed back, Canadianĭividends and capital gains result in the least taxes payable whenĬompared to other types of income such as foreign dividends and Quebec Tax Calculator is a great planning tool - use it to see if you should beĭeferring income to 2016 due to the reduced federal tax rates for middle income. Many brokerages are now providing registered accountsĭenominated in US dollars, which eliminates the significant cost of converting To do if the contribution wasn't recorded. If you made RRSP contributions from Marchġ, 2014 to March 1, 2015, this should have been included on Schedule 7 which Limitations for passenger vehicles for interest expense, monthly lease costs,Īnd capital cost allowance (CCA) will remain unchanged from 2015. The standby charge taxable benefitįactors for automobiles remain unchanged. Prescribed rate used to determine the operating cost taxable benefit to anĪutomobile sales person for an employer-owned vehicle is reduced for 2016 by 1Ĭent, to 23 cents per kilometre. The standby charge taxable benefit factors for automobiles To determine the operating cost taxable benefit to an employee for anĮmployer-owned vehicle is reduced for 2016 by 1 cent, to 26 cents per For the Territories, the rates have also been reduced by 1Ĭent, to 58 cents per km for the first 5,000 km and 52 cents per km for each Motor vehicle expenses incurred while travelling forīusiness purposes using their personal vehicle have been reduced by 1 cent forĢ016, to 54 cents per km for the first 5,000 km and 48 cents per km for eachĪdditional km. Tax-free to employees or officers as reimbursement for The form, so that your employer will not deduct any income tax from your Those working only part time, if your total income for the year will notĮxceed your exemptions, you should tick the appropriate box on the back of New employees should always complete these forms. These forms so that your employer (or other payer) will deduct theĪppropriate amount of income tax from your employment income or pension Tax exemptions (see our article), you should ensure that you complete If there have been changes which will affect your The TD1 forms for 2016 are now available from Canada Think that the best way to start investing is through buying ETFs.
Investing is a life-long pursuit that will help you Tax rate for corporate investment income, as well as the proposed Canada Child Benefit.
CENTS PER KILOMETRE 2015 FREE
Taxpayers, revised Tax Free Savings Account contribution limit, and change in The Life in the Tax Lane video for January discusses the 2016įederal tax rate changes, donation tax credit rate change for high income To work out how much you can claim, multiply the total business kilometres you travelled by the rate.įor more information and advice contact us on 1300 QUINNS (784 667) or 02 9223 9166 to arrange an appointment or submit an online enquiry.What's New -> What's New 2015 What's New by Month in 2015 uses a rate that takes all your vehicle running expenses (including registration, fuel, servicing and insurance) and depreciation into account.doesn’t require written evidence to show exactly how many kilometres you travelled (but we may ask you to show how you worked out your business kilometres, for example diary records).allows you to claim a maximum of 5,000 business kilometres per car, per year.uses a set rate for each kilometre travelled for business.Only use this method if you are a sole trader or partnership (where at least one partner is an individual) claiming for a car.
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