2018 Rates and Maximums Chart

CPP/QPP-2018 

Year’s Maximum Pensionable Earnings

Year’s Basic Exemption (by pay period type):
* Annual
* Monthly (12)

* Semi-Monthly (24)
* Bi-Weekly (26)
* Weekly (52)

Maximum Contributory Earnings
Contribution Rate – Employee/Employer
Contribution Rate – Self-Employed
Maximum Contribution – Employee/Employer
Maximum Contribution – Self-Employed

$55,900.00

$3,500.00
$291.66
$145.83
$134.61
$67.30

$52,400.00
4.95%
9.9%
$2,593.80
$5,187.60

TD1-PERSONAL TAX CREDIT RETURN (FEDERAL)-2018

Basic Personal Amount
Eligible Dependent or Spouse or Common-Law Partner Amount
Pension Income Amount
Age 65 Amount
Disability Amount
Canada Caregiver Amount
Family Caregiver Amount for children under Read More

By |February 9th, 2018|Small Business Tips, SmallBiz Builder|

2018 Indexation Adjustment for Personal Income Tax and Benefit Amounts

On January 1, 2018, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.5%. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2018.

For 2018 the federal tax bracket thresholds are:
* 15% for taxable income between Read More

By |February 9th, 2018|Tax Tips|

2018 Automobile Deduction Limits and Expense Benefit Rates for Business

Are you ready for change? NOW is the time to prepare for tax reform, as every taxpayer will be affected by the new legislation beginning in 2018. Will you see an increase or decrease in your taxes? Will your tax return become simplified or more complicated?The ceiling on the capital cost of passenger vehicles for capital cost Read More

By |February 9th, 2018|Small Business Tips, Tax Tips|

Feds Clarify Income Sprinkling Proposal

We’d like to share the following article from Advisor.ca, clarifying the rules for income sprinkling:

“The federal government provided revised income sprinkling measures Wednesday, offering clarity about how its controversial changes to the Income Tax Act will be implemented.

The feds “have significantly narrowed the scope, and they’ve provided clarity,” says Dave Walsh, partner and tax service Read More

By |February 2nd, 2018|The Library|

5 Federal Tax Tips for Retail Businesses

With the recent oil price downturn in Calgary and the increase in labor costs, many businesses are looking for ways to save on their taxes and keep their doors open. Here are five ways that retail business owners can potentially save on income taxes and increase their profitability.
Family Member Worker Expenses
Wages that business owners pay Read More

By |January 15th, 2018|Small Business Tips, Tax Tips|

Tax Tips for Real Estate Professionals

As a real estate agent, taxes can be one of the biggest challenges you face. Unfortunately, it’s extremely easy to miss out on deductions and thereby add unnecessary overhead to your annual revenues.
3 Tips for Handling Real Estate Agent Taxes
Fortunately, there are three very simple easy tips you can implement right away to save on Read More

By |December 15th, 2017|Small Business Tips, Tax Tips|

6 Tax Tips for Medical Professionals

Working as a medical professional comes with no shortage of challenges. At Padgett Business Services®, we can’t help you with the day-to-day responsibilities you have to your patients, but we can help give you peace of mind by ensuring your finances and taxes are handled properly.  To this end, we have created this list of Read More

By |November 15th, 2017|Small Business Tips, Tax Tips|

Widespread backlogs hamper CRA streamlining, frustrate taxpayers

There is presently an article in the Financial Post that is very important.  You can find it at: https://business.financialpost.com/personal-finance/the-delays-are-tremendous-widespread-backlogs-hamper-cra-streamlining-frustrate-taxpayers

 

By |October 24th, 2017|The Library|

Small Business Employment Taxes – What You Should Know Before You Hire Your First Employee

Running a successful small business comes with one challenge after another. So it’s a major achievement – and relief – when you can finally hire that first employee and start benefiting from some extra help. Unfortunately, if you don’t understand business employment taxes, this initial hire may turn into a burden.
The 5 Steps to Properly Executing Read More

By |October 15th, 2017|Small Business Tips|

Self-Employed Tax Tips for Construction Contractors

With the intense physical labor and never-ending headaches, many construction workers would definitely appreciate a long day of rest away from the hustle and bustle of work. Sadly, we can’t lighten your construction work. However, at Padgett Business Services, we can help ease your tax reporting burden. Construction contractors are usually classified as sole proprietors in Read More

By |September 15th, 2017|Small Business Tips|