Sentences with phrase «less income tax payable»

You must research this issue to see if it applies in your situation, which would then result in less income tax payable.

Not exact matches

Family net income can be as high as $ 70,000 before any net tax is paid (that is, taxes payable less refundable credits received)

If you have any income such as CPP and OAS — let's say you get $ 12k per year from those, then the tax on the rrsp withdrawal will be the taxes payable on your income from $ 12k to $ 52k which will be more than the first example but still a lot less than your marginal rate.

For example if you withdraw $ 40k from your RRSP and you don't have any other income source then you will pay only the tax payable on $ 40k which works out to a lot less than your marginal tax rate.

This is best if your current year's income and tax payable will be much less than both last year and 2 years ago.

This is best if your current year's income and tax payable will be similar to last year but much less than 2 years ago.

[17] The respondent argued that a plain reading of the reference in s. 95 of the Insurance (Vehicle) Act to only «the gross income that the person lost in that period less the amount that would have been payable on that gross income» compels one to the conclusion that the past income loss award is to be taxed without reference to taxes otherwise payable during the same taxation year.

As it is more than likely, if you receive this annuity payment at retirement, that the payment will be less than the income you earned before retirement the amount of income taxes payable would be at a lower rate.