To download CRA Adjustments for Disability Tax Credit, please click here.
For instructions on how to import the Accountant’s copy in QuickBooks, please click here.
For instructions on how to download transactions into a QuickBooks file, please click here.
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 2013 Handy Financial Planning Fact Sheet you can refer to. For a printable version of this financial planning fact sheet, please click here.
2013 – HANDY FINANCIAL PLANNING FACTS
Retirement |
|
| Max. CPP/QPP benefit at age 65 | $1,012.50 per month |
| Max. CPP/QPP benefit at age 60 | CPP – $684.45 per month (32.4% reduction) QPP - $708.75 per month (30% max reduction) |
| Max.CPP contribution Employer & Employee | $2,398.90 each annually |
| Max. CPP contribution self-employed | $4,797.80 annually |
| YMPE – Yearly Maximum Pensionable Earnings | $51,100 |
| Max. OAS benefit for Q1 | $546.07 per month |
| OAS clawback rate | $0.15 for every $1 of Net Income above $70,954; the full OAS is eliminated at a net income of $114,640 or higher |
| CANSIM rate | 2.2% (minimum rate for provinces is still 6%) |
| RRSP – maximum annual deduction limit | >$22,970 for 2012 >$23,820 for 2013 |
| RRSP – withholding tax on withdrawals by a resident of Quebec/rest of Canada respectively | >21%/10% for amounts up to $5,000 >26%/20% for amounts $5,000-$15,000 >31%/30% for amounts over $15,000 |
| TSFA contribution room created on Jan. 1st | $5,500 (an increase of $500 since 2012) |
Education |
|
| Maximum annual RESP contribution | Unlimited annual up to lifetime maximum of $50,000 per beneficiary |
| Annual RESP contribution for maximum CESG | 20% of first $2,500 per beneficiary = CESG up to $500. Plus 20% of next $2,500 per beneficiary if carry forward room is available = additional CESG up to $500. Maximum annual CESG = $1,000/year/beneficiary |
Tax |
|
| Max. EI annual premium | $891.12 ($720.48 in Quebec due to separate maternity and parental benefits) |
| EI – Insured earnings | $47,400 |
| Basic Personal Tax exemption | $11,038 (base) $1,656 (credit) |
| Federal tax brackets and rates based on taxable income | Taxable Inc. Fed. rate $0 – $43,561 15% $43,562 – $87,123 22% $87,127 – $135,054 26% $135,055 – and over 29% |
| Eligible Dividends (most public companies) |
Gross up is 38%; Taxable Amount is 138%; Federal Tax Credit 15.0198% of taxable amount |
| Other than eligible dividends | Gross up is $25%, taxable amount is 125%Federal tax credit is 13.3333% of taxable amount. |
| Personal Canadian Tax Calculator website | www.ey.com/CA/en/Services/Tax/Tax-Calculators |
Government Links |
|
| Canada Revenue Agency (CRA) Tax website | www.cra-arc.gc.ca/menu-e.html |
| CRA General Help Line | 1-800-959-8281 |
| Phone number/website for CPP/OAS queries | 1-800-277-9914 www.servicecanada.gc.ca/eng/isp/cpp/cpptoc.shtml www.servicecanada.gc.ca/eng/isp/oas/oastoc.shtml |
| Phone number for QPP queries | Regie de Rentes :1-800-463-5185 www.rrq.gouv.qc.ca/en/programmes/regime_rentes/Pages/regime_rentes.aspx |
Courtesy of:
Carolyn Bogseth
Investment Advisor
RBC Dominion Securities
17120 Leslie Street #200
Newmarket, ON
L3Y 8K7
Email: carolyn.bogseth@rbc.com
Tel: 905-895-2290
Toll: 1-800-263-5514
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.
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