Elicit Accounting And Tax Services

04/19/2024

02/29/2024

Ontario Tax Bracket for 2023 Income tax Return
Up to $49,231 of income is taxed at 5.05%
Income between $49,231 and $98,463 is taxed at 9.15%
Income between $98,463 and $150,000 is taxed at 11.16%
Income between $150,000 and $220,000 is taxed at 12.16%
Income above $220,000 is taxed at 13.16%

Alberta Tax Bracket for 2023 Income tax Return

Up to $142,292 of income is taxed at 10%
Income between $142,292 and $170,751 is taxed at 12%
Income between $170,751 and $227,668 is taxed at 13%
Income between $227,668 and $341,502 is taxed at 14%
Income above $341,502 is taxed at 15%

Federal Tax Bracket for 2023 Income tax Return
15% on the first $53,358 of taxable income
20.5% on taxable income over $53,359 up to $106,717
26% on taxable income over $106,717 up to $165,430
29% on taxable income over $165,430 up to $235,675
33% on any taxable income over $235,675

Tax File Deadline
The filing deadline for your 2023 taxes is Tuesday, April 30, 2024.
Self-employed income tax return file deadline is June 15.
Interest and late-filing penalties (if you owe money to CRA)
Overdue taxes: 10% interest
Late-filing penalties: 5% on tax owing, plus 1% for each full month your return is late (maximum 12 months)

If taxpayer do not owe taxes but do not file tax return - penalties and interest is not charged but if taxpayer is entitled to any credit or benefits such as GST, HST, Canada Child Tax Benefit (CCTB), or other benefits; will be suspended until you file.

02/23/2023

To Maximize returns or to save tax return payments - If you are willing to do RRSP for 2022 tax returns: the contribution deadline
is March 1, 2023.

12/31/2022

Tax Return filing season is around the corner. There are few changes been made by Canadian Government in taxes, have been put into effect for the tax year 2022.
1. The basic Personal Amount for the 2022 tax year to $14,398.
2. The CPP have been increased by 2.7%, now the maximum pensionable earning is $64,900, the exemption of $3,500 for 2022. So the maximum contribution is $3,039.30
3. The RRSP contribution in dollar is limited to $29,210 for tax year 2022 instead of 18%
4. Climate Action Incentive Payment (CAIP) in Alberta. It is a quarterly payment
 $539 for an individual
 $270 for a spouse or common-law partner
 $135 per child under 19
 $270 for the first child in a single-parent family

5. Provincial Tax Rate in Alberta.
Tax bracket thresholds and credit amounts will increase by 2.3%
Tax Rate 2022 Tax Brackets (Indexed)
10% Up to $134,238
12% $134,238.01 to $161,086
13% $161,086.01 to $214,781
14% $214,781.01 to $322,171
15% $322,171.01 and up

6. The federal tax brackets for 2022 is
 $0 to $50,197 of income (15%)
 More than $50,197 to $100,392 (20.5%)
 More than $100,392 to $155,625 (26%)
 More than $155,625 to $221,708 (29%)
 $221,708.01 and higher (33%)
7. Work from home is still same $2 per working day, maximum $500 per year.