Sentences with phrase «taxation year»

These losses, therefore are extremely lucrative and can affect the taxes paid on your accrued gains over several taxation years around the year of the loss.

* a reduction in annual taxable income during high taxation years through annual tax - deductible contributions.

The first installment / payment is due starting in the second taxation year following the date of the withdrawal.

The new amendments define two additional tax rates, effective for taxation years ending after December 31, 2013: first, the income threshold for the highest tax rate (currently 13.16 percent) is reduced from $ 514,090 to $ 220,000.

For taxation years ending after March 20, 2013, your other sources of income must be subordinate to farming in order for farming losses to be deductible in full against your income from those other sources.

(9) Nova Scotia provides a corporate tax holiday under s. 42 of their Income Tax Act for the first 3 taxation years of a new small business after incorporation.

Little new information will be forthcoming until large corporations file their final tax settlements for their 2013 taxation year in December, February and March (in these three months up to 45 % of corporate income tax revenues are received) and final accrual adjustments are made in the «end - of - year» accounting period.

The reduction in the small business rate will be pro-rated for corporations with taxation years that do not coincide with the calendar year.

These changes apply retroactively to taxpayers that did not properly file Form 8891 in previous taxation years.

(3) A self - employed person's weekly income or loss from self - employment at the time of the accident is the amount that would be 1/52 of the amount of the person's income or loss from the business for the last completed taxation year as determined in accordance with Part I of the Income Tax Act (Canada).

«Subject to transitional provisions,» Adrienne Oliver, a tax lawyer at Norton Rose Fulbright Canada in Toronto, explains, «for taxation years beginning on or after Mar. 22, 2017, the budget proposes to eliminate the ability of such designated professionals to elect to use billed - basis accounting.

If you have received the above assessment once, the next time it happens you can get something like this: «Every person who fails to report an amount required to be included in income, and who has failed to report such amount on a return (think T3 slip) for any of the three preceding taxation years, is liable to both a federal and a provincial / territorial penalty each equal to 10 % of the amount that must be included in income.

Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2010 taxation year remains at 1.73 % of insurable earnings.

Can I take 15k out of the 50k unused rsp room as an rsp deduction to offset the 14k in taxes owed in the same taxation year?

The Budget proposes for 2015 and subsequent taxation years to amend the penalty for repeated failure to report income.

Within budgetary revenues, personal income tax revenues declined by $ 1.2 billion (0.8 %), largely reflecting the impact of tax planning by high - income individuals, which recognized tax liabilities in the 2015 taxation year before the new 33 per cent tax rate came into effect in 2016.

The principal residence exemption (PRE), however, can only be applied to one property per taxation year.

You won't be taxed on the RRSP while you're abroad (as long as you elect to defer taxation every year on the income), so there's no sense in cashing out.

Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2013 taxation year forecasts to remain at 1.73 % of insurable earnings.

Alternatively, you may choose to calculate each instalment as either one - quarter of the total balance due in the prior year (second method), or one - quarter of the estimated net tax owing for the current taxation year (third method).

«In a case where two spouses are living separate and apart in their own residences, but not under a judicial separation or a written separation, only one of the residences can be designated as a principal residence for a particular taxation year,» explains Nerill Thomas - Wilksinson, from the Legislative Policy and Regulatory Affairs branch of the CRA.

The trust amendments apply for trust dispositions of property in (or after) the trust's first taxation year that begins after 2016.

Nova Scotia's legislature set the annual price for their realty taxes at $ 5,500 per MW «plus a percentage of $ 5,500.00 equal to the percentage increase in the Consumer Price Index for Canada at the end of the calendar year ending in the immediately preceding municipal taxation year relative to the Consumer Price Index for Canada at the end of the 2005 calendar year».

Income tax returns and notices of assessment or reassessment for the three most recent taxation years; a recent statement of earnings from an employer that sets out the party's rate of pay or salary; financial statements of a business that a party owns; copies of a trust settlement and the trust's three most recent financial statements if the party is a beneficiary; records of employment insurance or social assistance program, if applicable)

Subject to obtaining an extension from the Commissioner, TD was required to file its return «within 18 months after the end of [its 2012] taxation year.»

From the Court of Appeal's description of the relevant factual background, TD's 2012 taxation year ended on October 31 of that year.

In 2015 - 16, there was an exceptionally large end - of - year accrual adjustment, which the Department of Finance attributable to aggressive tax planning by high - income earners in advance of the introduction of a new high - income tax bracket for taxation year 2016.

You have to use capital losses to offset gains in the same year, but you are allowed to carry back additional losses and apply them to gains realized in the three previous taxation years, or carry forward the losses indefinitely.

EI (Employment Insurance) Maximum for the Year 2010 Your rate of EI premiums (excluding employees working in the province of Quebec), for the 2010 taxation year remains at 1.73 % of insurable earnings.

[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.

This measure is effective for 2019 and subsequent taxation years (when contributions to the enhanced portion of the QPP will begin to be phased in).

To effect the changes for the 2014 taxation year, the Canada Revenue Agency needs at least one month to change the applicable tax forms.

In the 2015 taxation year they would receive an additional $ 1,605.

The increase in corporate income tax revenues largely reflecting strong gains in the tax settlement period for those large corporations with a taxation year ending December 31st.

This may explain the year - over-year decline in corporate income tax revenues in December 2012, as corporations with a taxation year ending on October 31st filed their final payments.

This decline appears to be attributable to final adjustments with respect to taxation year 2011 for employment insurance premiums, Canada Pension Plan premiums and tax transfers to the provinces.

The latter primarily reflects the year - end filings of those financial institutions with a taxation year ending October 30th.

Based on results to date, personal income tax revenues could be at least $ 3 billion lower, reflecting the impact of tax planning with respect to the 2015 taxation year.

In the latest budget, a decline of $ 1.7 billion is projected, primarily reflecting extraordinary tax payments made in the end - of - year accounting period in 2015 - 16 reflecting tax planning in advance of the introduction of the high - income tax bracket for taxation year 2016.

In the latest budget, a decline of $ 1.7 billion is projected, primarily reflecting extraordinary tax payments made in the end - of - year accounting period in 2015 - 16, reflecting tax planning in advance of the introduction of the high - income tax bracket and rate for taxation year 2016.

The Department of Finance attributes part of the higher - than - expected outcome for personal income tax revenues to tax planning by high - income Canadians to recognize income in 2015 in advance of the introduction of the new 33 % tax bracket for taxation year 2016.

In the Update, a decline of $ 1.2 billion was projected, primarily reflecting extraordinary tax payments made in the end - of - year accounting period in 2015 - 16 reflecting tax planning in advance of the introduction of the high - income tax bracket for taxation year 2016.

If these changes are to take effect in the 2015 taxation year, a «Ways and Means» motion must be introduced in the House as soon as possible, in order to give the Canada Revenue Agency (CRA) sufficient time to prepare new tax forms for taxation year 2015.

Some 54,700 taxpayers got warning packages from the Canada Revenue Agency earlier this year about the problem affecting the 2013 taxation year, and were told they face a penalty.

Child Tax Credit This tax credit for parents of kids under 18 years has been replaced with the enhanced UCCB as of the 2015 taxation year.

The budget eliminates the Work - in - Progress provision for professional accountants, dentists, lawyers, medical doctors, veterinarians and chiropractors which allowed income to be recognized when the work is billed — a tax deferral now gone for taxation years that begin on or after budget day.