Acct461NotesCh3

Acct461NotesCh3 - CHAPTER 3 Home Relocation Loan - If...

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CHAPTER 3 Home Relocation Loan - If employee loan is made by employer to assist in a move that is at least 40 km closer to the new work location, there is an exemption on the calculation of the taxable benefit of the employee loan. - The exemption reduces taxable income (not employment income)
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Home Relocation Loan - The exemption is calculated as $ 25,000 x Prescribed Rate - Exemption is available for 5 years provided the loan to employee is still outstanding - New location must be 40km closer to the new work location
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Tax Rates - Federal tax rates increase at higher levels of taxable income - Taxable Income Tax Rate 0 – 37,885 15% 37,886 – 75,769 22% 75,770 - 123,184 26% Over 123,184 29% -Maximum Tax Rate with Ontario taxes = 46.41%
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Tax Credits - Different from tax deductions - Amounts eligible for tax credits are totaled and the tax credit is calculated by being multiplied by 15 - Tax credits reduce taxes payable in calculating taxes owing
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Tax Credits are as follows: - Basic Personal - Spouse/Common law partner - Eligible Dependent - Caregiver - Disability - EI and CPP - Pension Income - Age - Medical Expenses - Tuition and Education
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Basic Personal Amount -
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This note was uploaded on 01/01/2012 for the course ACCT 461 taught by Professor Patel during the Winter '09 term at Humber.

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Acct461NotesCh3 - CHAPTER 3 Home Relocation Loan - If...

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