In the case of withdrawing money from Registered Retirement Savings Plan (RRSP) before retirement a withholding tax is charged at source by the financial institution. Following are the withholding tax rates for the resident of Canada; Withdrawal Amount Withholding Federal Tax Up to $5,000 10% (For Quebec – 5%)
The 2019 contribution deadline for Registered Retirement Savings Plans (RRSP) is March 2, 2020 (Monday). As per the Income Tax Act, the deadline is on or before the 60 days after the end of the calendar year. Generally, that day is March 1st. However, in a leap year, it
We are proud and honored to receive the DIAMOND and PLATINUM award for the 2019 Milton Champion Readers’ Choice Awards. We would like to THANK YOU for your on-going support. Since 2016, you have supported us to become an award winning accounting and tax firm. We are very fortunate to
For 2020, the maximum pensionable earnings under the Canada Pension Plan (CPP), for employee and employer, has increased to 5.25% (2019: 5.10%) and 10.50% (2019: 10.20%) for self-employed. Contributors who earn more than $58,700 in 2020 (2019: $57,400) are not required or permitted to make additional contributions to the CPP. The increase in rate will have a maximum impact (per person) of $149.10 (2019: $155.10) for
We will be closed starting December 23, 2019 (Monday) to January 3, 2020 (Friday). We will resume on January 6, 2020 (Monday) at 9:30 am. On behalf of our team, we wish you and your family the best of the Holiday Season and Happy New Year!
The Employment Insurance (EI) premiums for 2020 has been decreased to 1.58% for employees, and 2.212% (1.4 times of 1.58%) for employers. Contributors who earn more than $54,200 in 2020 are not required or permitted to make additional contributions to EI. The decrease in premium rate, in 2020, will save a maximum of $3.86 for an