January 2018 Tax Update

January 2018 – Tax Update – Click to View Check out a great summary of what’s been going on in the Canadian tax world for January 2018! [ … ]

Tax deadlines and limits for the 2018 tax year (January 2018)

Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2018 are listed below. RRSP deduction limit increases The RRSP contribution limit for the 2017 tax year [ … ]

Federal individual tax credits for 2018

Credit amount ($)  Tax credit ($) Basic personal amount 11,809  1,771.35 Spouse or common law Partner amount 11,809 1,771.36 Eligible Dependant amount 11,809 1,771.35 Age Amount 7,333 1,099.95 Net income threshold for erosion of credit 36,976 Canada employment amount (maximum) 1,195 179.25 Disability amount 8,235 1,235.25 Adoption expenses credit 15,905 2,385.75 Medical expense tax credit [ … ]

Canada Pension Plan Contributions for 2018

The Canada Pension Plan contribution rate for 2018 is unchanged at 4.95% of pensionable earnings for the year. The maximum pensionable earnings for the year will be $55,900, and the basic exemption is unchanged at $3,500. The maximum employer and employee contributions to the plan for 2018 will be $2,593.80 each, and the maximum self-employed [ … ]

Quebec Pension Plan Premiums for 2018

The Quebec Pension Plan contribution rate for employees for 2018 is 5.4%. The maximum employee premium for the year is $2,829.60, and the employer contribution is equal to the employee contribution. [ … ]

Employment Insurance Premiums for 2018

The Employment Insurance premium rate for 2018 is 1.66%. Yearly maximum insurable earnings are set at $51,700, making the maximum employee premium $858.22. As in previous years, employer premiums are 1.4 times the employee contribution. The maximum employer premium for 2018 is therefore $1,201.51. [ … ]

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