For a printable version of this Motor Vehicle Expense Worksheet, please click here.
Keep in touch with information related to bookkeeping, accounting, taxes, human resources, and networking. If you have information that you think would be of interest to our site visitors, please let us know! You can leave a comment below or contact Maureen directly.
Here is a 2012 Handy Financial Planning Fact Sheet you can refer to. For a printable version of this financial planning fact sheet, please click here.
| Max. CPP benefit at age 65 | $986.67 per month |
| Max. CPP benefit at age 60 | $678.83 per month (31.2% reduction) |
| Max.CPP from Employer & Employee | $2,306.70 each annually |
| Max. CPP contribution self-employed | $4,613.40 annually |
| Max. OAS benefit for Q1 | $540.12 per month |
| Max. EI annual premium | $839.97 EI insured earnings = $45,900 |
| OAS clawback rate | $0.15 for every $1 of Net Income above $69,562 (eliminated at $112,772) |
| Yearly Max. Pensionable Earnings | $50,100 |
| Max. annual RRSP deduction limit & withholding tax on withdrawals | $22,450 for 2011 $22,970 for 201210% for amounts less than $5,00020% for amounts of $5,000-$15,00030% for amounts over $15,000 |
| Basic Personal Tax exemption | $10,822 |
| Maximum annual educational RESP contribution per beneficiary.Note: if unused room available: $5,000/yr max. | Unlimited up to lifetime maximum of $50,000 per beneficiary. $2500 per beneficiary = $500 CESG.Plusan additional $2,500 per beneficiary if carry forward room is available.Max. CESG = $1,000/year per bene. |
| Federal tax brackets and rates based on taxable income (NOTE: Provincial Marginal Tax Rates are approximates and may vary) |
Taxable Inc. Fed. rate $0 – $42,706 15% $42,707 – $85,413 22% $85,414 – $132,405 26% $132,406 – and over 29% |
| Eligible Dividends (most public companies) | Gross up is 38%; Taxable Amount is 138%; Federal Tax Credit 13.3333% of taxable amount |
| CRA Tax website | Canada Customs & Revenue Agency Main Website |
| Personal Canadian Tax Calculator | Personal Tax CALCULATOR (Website) |
| CRA General Help Line | 1-800-959-8281 |
| Phone number for CPP/OAS queries | 1-800-277-9914 |
| Phone number for QPP queries | 1-800-463-5185 |
Courtesy of:
Carolyn Bogseth
Investment Advisor
RBC Dominion Securities
Email: carolyn.bogseth@rbc.com
Tel: 905-895-2290
Other Great Resources:
Government of Canada, Business Start Up Assistance
Click here to find useful tips and guidelines for Business Start Up.
The Bank of Canada
Find out about the Bank of Canada, exchange rates, currency conversion here.
Canada Revenue Agency
Information on customs, taxes, child & family benefits, tax credits and border wait times is available here.
Canada Revenue Agency, vital telephone numbers
For just about every CRA number you will ever want or need, visit this page.
Liability after death
Did you know as a legal representative of a deceased person you can be held liable for amounts the deceased person owes? Protect yourself by obtaining a clearance certificate from the Canada Revenue Agency before you distribute any property under your control. For more information, click here.
Keeping books and records
As a general rule, you must keep records and supporting documents, which are required to determine your tax obligations and entitlements, for a minimum of six years. To check on the CRA rules, visit this site.
The Workplace Safety & Insurance Board
Whether you are an employer or worker – go here for what you need to know.
Province of Ontario
Access information on Ontario publications, forms, statistics and other information specific to our province.
