income tax Archives - FinTech College of Business And Technology

New CRA campaign from June to December 2022 – focuses on Personal Services Businesses: Are you ready?

CRA

The Canada Revenue Agency is escalating their scrutiny of personal services businesses, and the consequences for breaching these tax rules can be severe. Find out what you need to know…

5 Reasons to Consider a Career in Bookkeeping

Accounting

As long as there are businesses, there will be a need for bookkeepers. The field of bookkeeping is both interesting and in great demand. Bookkeepers work with numbers and provide…

2022 Personal Taxes – Federal Budget Analysis

Income Tax

On April 7, 2022, the Government’s budget was presented. Below are the Personal Tax Insights from this year’s announcement. Tax-Free First Home Savings Account The budget proposes to create a new…

Employer Health Tax – Ontario

Canada Revenue Agency

What is Ontario’s Employer Health Tax? The EHT is a payroll tax paid by employers based on their total annual remuneration. EHT contributions made by an employer are determined by…

What is T4A? What is T5018?

Canada Revenue Agency

What is T4A? What is T5018? T4A and T5018 forms are used to record payments made to subcontractors during either the previous fiscal or calendar year. What is T4A?…

WSIB Premium Rates – Ontario 2022

Canada Revenue Agency

2022 WSIB Premium Rates – Ontario. The Workplace Safety and Insurance Board (WSIB) has announced that the average premium rate for Ontario businesses will be reduced by 5.1 per cent…

Minimum Wage Rate – Ontario 2022

Canada Revenue Agency

Minimum Wage in Ontario Effective January 1st 2022. Effective January 1st, 2022 minimum wage in Ontario will be increasing. Minimum wage is the lowest wage rate an employer can pay an…

CPP – EI Calculations 2021 and 2022

Canada Revenue Agency

CPP-EI 2021 and 2022

Income Tax Brackets – T1(Personal) – 2022

Canada Revenue Agency

Income Tax Brackets – T1(Personal) – 2022 Canada’s inflation surged 4.7% in October, its largest gain in 18 years. The primary cause of inflation was sky-high energy and house prices. To…

Corporate Tax – Active Income vs. Passive Income

Canada Revenue Agency

Active Income Active Business Income (ABI) is income that is generated from a business source and includes any income incidental to your business. For example, if you own a Canadian…