Tax Tips - Miralda Ltd.

Changes to the CPP withholding tax

Employers pay 4.95% of salaries into CPP, on a maximum of $54,900 of earnings per year, while the self-employed contribution rate is 9.9%.   The government is implementing changes to the contribution rate and annual maximum.  These changes will begin in 2019 and be...

What is TFSA?

TFSA is an acronym for Tax-free Savings Account, which allows Canadians aged 18 and older with a valid social insurance number to make annual contributions, up to a specified limit. Starting from January 1st, 2016, the annual contribution limit for TFSAs has decreased...

Tax Credit change for students

Coming into effect for the 2017 taxation year, the federal textbook tax credits will be eliminated.   This credit was $400/month for full-time students and $65/month for part-time students.  Even with this change, taxpayers will still be able to carry forward the...