The Tax Preparation Blog

Posts Tagged ‘canada’

Question: For a mid-income single person, how different would the total taxes be if they lived in Canada or the USA?

Considering Federal, Ontario Provincial, and sales taxes (14%) in Canada and Federal, MI State, SS, FICA Hi-Tax, and sales (6%) in the US for an income of 130k?

Answer: The taxes on 130K will be lower in states like Nevada which have zero state tax. There will be not be much difference in the tax paid between Ontario (Canada) and US states with high state taxes like California. Social security will eat away 16% on income upto 80K (in your case about 10,000 USD). CPP in Canada eats away only 10% upto 40K (in your case about 4,000 CAD) . (Employer + Employee in both cases).

You will pay less money in taxes + Health insurance in US overall if you
1. Have an unemployed spouse.
2. Plan on taking a mortgage.
3. Live in a state with no state tax (Nevada)
4. are young and healthy.

You will pay less money in taxes (health insurance is free) in Canada overall if you
1. Have a spouse with relatively high income.
2. Own your house outright or rent.
3. are self employed and have incorporated your business.
4. have health problems or have dependants with health problems.
5. don’t spend a lot.

But then , this is assuming that you make the same money in the US and Canada. With marketable skills you generally make about 20 to 50% more in the US than you can in Canada.

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Federal Income Taxation $108.95 Integrating theory and policy throughout, this smart yet approachable casebook is distinguished, in part by a tradition of outstanding authorship, begun with original author Boris Bittker of Yale and continuing through fifteen successive editions. Generations of instructors and students have praised Federal Income Taxation for the features that make it extraordinary: problems interspersed amo…

Examples & Explanations: Federal Income Tax, 5th Edition $40.00 Using the proven technique of the Examples & Explanations series, this comprehensive guide combines textual material with well-written examples, explanations, and questions to test student comprehension of the materials and provide them with practice in applying information to fact patterns. Thorough in its coverage, Examples & Explanations: Federal Income Tax, Fifth Edition, makes use o…

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McGuinty’s New Year’s reminder: Enjoy your tax cut

It’s the sugar to help the HST medicine go down but Revenue Minister John Wilkinson isn’t having a lot of success getting the message out about coming income tax cuts.

#67 Welcome To Obamas Lower Canada: Sin Taxes, Double Income Tax & Federal Sales Tax

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Frigid week forecast

Steady currents of arctic and Canadian air are bearing down on Missouri, and forecasters are predicting that temperatures will stay below freezing for the next week.

Best Tax Franchise Opportunities, Liberty Tax Service, USA & Canada

Question: I was emplyed in india and transfered to canada for 11.5 month saving is chargeble to I.T. OR NOT?

I am working in an multinational company as software engineer & transfered to mnc branch at canada for 11 and half month in jan 2008 and came back in 15 jan. 2008 my saved salary transfered to india. please assist me the liability of income tax in india. whether i should show saved amount in income tax return . where the income tax already deducted at canada.

Answer: you should probably ask this question in one of the Tax sections.
you should talk to a good accountant in India. you dont want to double pay your taxes.

Estate and Trust Administration For Dummies $10.19 Executing an estate or a trust fund is a big responsibility. Estate & Trust Administration For Dummies contains advice for handling estates and trusts of any size. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much (or too little). It also shows you how to take care of a loved one’s estate in the event that a will or trust was …

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UK Economy GDP Growth Forecast 2010 and 2011, The Stealth Election Boom

By Nadeem Walayat . The British Economy as with other developed economies entered 2009 in recession and on the brink of Depression, after unlimited bailouts , hitting the Quantitative Easing panic button and running a huge 15% of GDP budget deficit, the UK economy has managed to claw its way back out of recession as the Q4 data will show when released during late January 2010. Read more » »

History and Legality of Income Taxes in Canada

Question: I need help finding out how much i will get or pay on my tax return?

just want to know how much my tax return will be or if i have to pay. My employment income was $34.400 and i paid $4960 in federal income tax. I live in London, ON Canada and I have no rssp of any such. just need a ballpark estimate. I tried using an online return calculator but couldn’t get a number. any help would be greatly appreciated. thank you

Answer: To calculate your income taxes owing you have to find out what your taxable income is.

Your taxable income consists of your employent income plus other types of income such as interest, dividends, capital gains, etc. minus deductions such as rrsp contributions, etc.

You also have to calculate your tax credits to offset your tax owing.

Good luck

The tax rate on the first $38,832 of taxable income in Canada is 15%.

When you are done with all that you still have to figure out how much you owe Ontario.

Taking Stock of Poverty in Southern BC (in News)

Canada Without Poverty tours province to unite advocacy groups, finds housing problems rampant.

Recuperate all your Income tax money from the CRA – Tax Refund

In order for Canadians to continually qualify for the lowest possible Canada mortgage rates, the Canadian government had ordered the financial institutions, lenders, and banks, to slash their interest rates to a low level.

At this time, the Bank of Canada has set its prime rate at 0.25 %, and it will keep the rate on until the following year. With this current rate, the bank prime rate is set at 2.25%, the lowest ever.

Banks are still offering low Canada mortgages even when the time period of below prime rate is over. There are still good deals on variable and short-term rates. To get the best Canada mortgage rates, you need to consider three steps.

You need to shop around. According to a recent survey, not many Canadians are exploring other options. They stay with their existing lenders for reasons of loyalty, good relationships, and friendship.

Rates vary from one lending institution to another. Even when the difference in mortgage rates is small, the savings can be great. The difference of one tenth a percent can be converted to huge savings in the long run.

Banks are not the only ones that offer mortgages. When you shop around, you will find that there are several financial institutions that offer mortgages. To help you understand the difference, and to help you compare Canada mortgage rates, it is best to consult a mortgage broker. He can help you find the deal that is right for you.

A mortgage broker is a specialist whose task is to negotiate with many mortgage lenders. They are particularly popular among the first-time mortgage applicants simply because mortgages are their sole specialization.

Also during your shopping, you will have to choose between fixed rate and variable rate. The variable rate fluctuates along with the prime rate. Hence, when the prime rate goes up or down, so will your interest rate and monthly payment. The fixed rate mortgage is constant; it does not change, regardless of what changes occur in the prime rate.

After shopping around, you need to diversify your options. You can choose a combination of variable rate and fixed rate for your Canada mortgage rates. It is known as hybrid mortgage. Now, not all lenders are willing to offer hybrid mortgages. So better look around, or let your mortgage broker do the shopping for you.

The terms are very important in Canada mortgages, regardless of the rate. Unlike the amortization, the mortgage term last between 15 to 25 years. There are longer terms available, however, the rates are prohibitive as banks unwilling to predict the longer terms. At the end of the term, you will negotiate again for another deal with your lender according to the rates offered at that time.

Because the prime rate is very low, banks right now are offering better deals for shorter terms, and higher rates for longer terms. There are mortgage calculators that are available online for you to calculate the rates; nevertheless, it is best to let your Canada Mortgage rates be estimated by your broker.

Your credit score is very crucial in determining your rate. If you know your credit score is low then start cleaning it up to build a better score. An impressive credit score can guarantee you the best Canada mortgage rate.

Undernews For September 15, 2010

You can live to be a hundred if you give up all the things that make you want to live to be a hundred. – Woody Allen HOW THE NEW YORKER, NY TIMES AND OTHER LIBERALS HELPED START THE IRAQ WAR Michael Moore, Daily Beast – We invaded Iraq because most …