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• Personal Interest:
• News:
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Tips:
The comments given here are general guidelines only, and it is advised that you obtain current tax regulations and strategies.
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Income-splitting
This is a classic way of saving on taxes. Basically, it means that you arrange your income to have it divided amongst other family members (spouse and/or children). That way,each of the individuals will be paying less taxes, because of lower marginal tax rates. The aggregate taxes paid will therefore be less than what you would pay if all the money went into your hands.
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Is there free software available for calculating payroll tax deductions and automobile taxable benefits?
Yes, CCRA provides software, called Tables on Diskette, which you can download from their web site. This software calculates deductions for federal and provincial tax, CPP and EI, for all provinces. It also calculates the appropriate automobile taxable benefit amount to be included in an employee's income when the employee utilizes a vehicle leased or owned by the employer.
Because payroll deduction rates change semi-annually, you should get on the CCRA electronic mailing list service for payroll deductions, so you can be notified when new rates are available, or if there is a change in the software.
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