TABLE OF CONTENTS TABLE OF CONTENTS PERSONAL TAX

Size: px

Start display at page:

Download "TABLE OF CONTENTS TABLE OF CONTENTS PERSONAL TAX"

Christopher Chandler
5 years ago
Views:

1 TABLE OF CONTENTS TABLE OF CONTENTS PERSONAL TAX How To Use the Tables... 1 Income Tax Table (2015) Quebec Residents... 2 Income Tax Table (2015) Provinces Other Than Quebec... 4 Federal Tax Rates... 6 Provincial/Territorial Tax Rates... 6 Marginal Income Tax Costs of Capital Gains and Dividends (2015) Value of Personal Tax Credits (2015) Personal Tax Credits (Federal) Personal Tax Credits (Quebec) Calculation of Federal Personal Tax Calculation of Federal Net Income Employment Income Business Income Rental Income Farm Income and Losses Depreciable Property Capital Cost Allowance Eligible Capital Property Capital Property Capital Gains and Losses Registered Pension Plan (RPP) Pooled Registered Pension Plan (PRPP) Deferred Profit Sharing Plan (DPSP) Registered Retirement Savings Plan (RRSP) Pension Adjustments (PA, PAR, PSPA) Contribution Limits for the Year Registered Retirement Income Fund (RRIF) Home Buyers Plan (HBP) Lifelong Learning Plan (LLP) Registered Education Savings Plan (RESP) Registered Disability Savings Plan (RDSP) Tax-Free Savings Account (TFSA) i

2 Tax Reference Booklet Eligible Funeral Arrangement (EFA) Transfers Between Registered Plans Moving Expenses Child Care Expenses Repayment of Social Transfers Support Payments Scholarships, Bursaries, and Fellowships Restrictive Covenant Income Splitting and Attribution Rules Calculation of Federal Taxable Income Losses Carried Over and Adjustment to Net Capital Losses Capital Gains Exemption and CNIL Foreign Tax Deduction Other Deductions Calculation of Federal Tax General Presentation Refundable Tax Credits Non-Refundable Tax Credits Minimum Tax Tax Instalments Individuals Computation of Quebec Tax General Presentation Net Income Calculation of Taxable Income Non-Refundable Tax Credits Refundable Tax Credits Contributions to the Health Services Fund Premium Payable Under the Quebec Prescription Drug Insurance Plan Health Contribution Minimum Tax Quebec Tax Instalments Quebec Trusts CORPORATE TAX Federal Corporate Income Tax Rates ii

3 Table of Contents Provincial Corporate Income Tax Rates Income Qualifying for the SBD Only Income Qualifying for M&P Only Other Income Combined Corporate Income Tax Rates Calculation of Corporate Income Tax Tax Rates Refundable Dividend Tax on Hand, Part IV Tax, and Dividend Refund Capital Tax Federal Provincial Federal Investment Tax Credit Qualified Property Scientific Research & Experimental Development (SR&ED) Apprenticeship and Training Child Care Space Carryover Refundable Research and Development Tax Credit (R&D) Quebec Section 85 Tax-Free Rollover SOCIAL PROGRAMS Employment Insurance General Employment Insurance Rate Quebec Employment Insurance Rate The Small Business Job Credit Three-Year Freeze of Employment Insurance Premium Rates Employment Insurance Benefits Employment Insurance Benefits Repayment Canada Pension Plan and Quebec Pension Plan Contributions Canada Pension Plan (CPP) Contributions Quebec Pension Plan (QPP) Contributions Quebec Pension Plan Benefits Canada Pension Plan Benefits TABLE OF CONTENTS iii

4 Tax Reference Booklet Old Age Security Benefits (2015) OAS Basic Pension Guaranteed Income Supplement (GIS) Canada Child and Family Tax Benefits Goods and Services Tax Credit Canada Child Tax Benefit Child Disability Benefit Universal Child Care Benefit Vacation Pay Maternity/Parental Leave Drug Insurance Plan Quebec Ontario MISCELLANEOUS 2015 Budget Highlights Federal Budget Alberta British Columbia Manitoba New Brunswick Newfoundland and Labrador Northwest Territories Nova Scotia Nunavut Ontario Prince Edward Island Quebec Saskatchewan Yukon Remittances Instalments Major Tax Penalties and Offences Retention Period of Books Deadlines Payment of Balances Owing iv

5 Table of Contents Prescribed Interest Rates Average Exchange Rates for Government Websites TRUST TAX Overview Budget Amendments Re Testamentary Trusts Inter Vivos and Testamentary Trusts Graduated Rate Estates Taxation Years Due Date for Returns Personal Trusts Residence of Trusts Taxation Rules Net Income Capital Gains Taxable Dividends to be Received By Beneficiary Federal Tax Rates Testamentary Trusts Post-2015 Planning Non-Refundable Credits Minimum Tax Twenty-One-Year Deemed Disposition Rule Disabled Beneficiaries Clearance Certificates Form TX Instalments Carrying Back Losses To The Final T1 Return Part XIII Non-Resident Tax Alter Ego, Spousal, And Joint Partner Trusts 2014 Budget SALES TAX Part XII.2 Tax On Designated Income Non-Resident Trusts Federal and Provincial Sales Tax Rates (2015) GST/HST and QST Introduction Registration GST/HST and QST Reporting Periods TABLE OF CONTENTS v

6 Tax Reference Booklet Examples of Exempt and Zero-Rated Supplies Quick Method for Small Businesses Simplified Method for Calculating ITCs/ITRs ITC/ITR Restrictions for Large Businesses Rebates to Public Service Bodies Federal and Provincial PSB Rebates Effective January 1, New Housing Rebate Refund for New Rental Housing Tax Remittance Re Employment Benefits Employee Reimbursements and Allowances Provincial Place of Supply DATES TO REMEMBER vi

Federal and Provincial/Territorial Tax Rates for Income Earned

Federal and Provincial/Territorial Tax Rates for Income Earned by a CCPC Effective January 1, 2015 and 2016 by a CCPC Effective January 1, 2015 1 Federal rates General corporate rate 38.0% 38.0% 38.0% Federal abatement (10.0) (10.0) (10.0) 28.0 28.0 28.0 business