|
|
| *Loan,banking and credit>>>income tax |
Do we have to pay two separate income taxes to both the Federal & Provincial in Canada or is it inclusive? |
The federal basic personal amount of earning before taxes for 2006 is 8839 and each of the provinces have there own amounts, usually slightly lower then this. What is the maximum we can earn living in the Province of Quebec ? Ontario for example is 8,377 for 2006 . Essentially, with no other factors, deductions, income, exemptions, you can earn this much income and not pay any FEDERAL tax in Canada, but what about Provincial tax, is that different ? If you make $8842 and live in Quebec, you would pay $0 combined Provincial and Federal taxes (tax year 2006). From $8,843 to $8,850 you would owe $1. Check out the calculator at http://www.ey.com/global/content.nsf/can... and try a few numbers (for example, if you made $10,000 you would still only pay $148 in Quebec). The Basic Personal amount in Quebec for provincial taxes is roughly $9,555. Anything above this you are paying provincial income tax. Hope this helps. Source(s): http://www.ey.com/global/content.nsf/can... Federal and provincial income taxes are calculated separately. The federal and Ontario numbers you posted are correct. Quebec is a little different since their returns need to be filed separately of your federal return, and they use completly different calculations. See the link below for more information. http://www.taxtips.ca/qctax.htm... (scroll down to basic personal amount) |
| Tags |
| tax software tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |