Taxman Says

The limits and rates related to the Québec parental insurance plan (QPIP) for 2016 are as follows: The maximum insurable earnings have been increased from $70,000 to $71,500. The qualifying threshold remains $2,000. The employee contribution rate has been decreased from 0.559% to 0.548%. The employer contribution rate has been decreased from 0.782% to 0.767%. The maximum employee contribution has …

December 15, 2015 Ottawa, Ontario. Canada Revenue Agency The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from January 1, 2016 to March 31, 2016. There have been no changes …

There are groups and individuals in Canada who claim that people can lawfully refuse to pay taxes or file a tax return. Others try to cash in on misunderstandings about tax laws. In an open and free democracy like Canada, citizens have every right to freely express their opinions on the constitution, taxes, or any other issue. The Canada Revenue …

The limits and rates related to the Québec Pension Plan (QPP) for 2016 are as follows: The maximum pensionable earnings have been increased from $53,600 to $54,900. The basic exemption is $3,500. The maximum contributory earnings have been increased from $50,100 to $51,400. The contribution rate has been increased from 5.25% to 5.325% for both employers and employees. The maximum …

1. What is the proposed change announced on December 7, 2015, in respect of the federal income tax rate for individuals with income in the second tax bracket? For the 2016 and subsequent tax years, the federal personal income tax rate on taxable income of $45,282 to $90,563 (the second income tax bracket) will be reduced by 1.5% from 22% …

December 7, 2015 – Ottawa, Ontario – Department of Finance The Government of Canada took an important step today to strengthen the middle class by proposing a tax cut that will benefit about 9 million Canadians each year. Finance Minister Bill Morneau tabled in the House of Commons a Notice of Ways and Means Motion to reduce the 22-per-cent personal …