CTP13_Chapter_04

Registered party candidate or leadership contestant

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Unformatted text preview: ximum Of $5,000, Or Credit Of $750 (for 2013) Copyright © 2014, Clarence Byrd Inc. 52 Canadian Tax Principles Refundable GST Credit • • • • • $265 Individual $265 Qualified Relation $265 Eligible Dependant $139 Qualified Dependant Less: 5% Of Family Income > $34,561 Copyright © 2014, Clarence Byrd Inc. 53 Canadian Tax Principles Working Income Tax Benefit • The problem: At minimum wage, an individual may be better off The not working not – Reductions in social assistance – Loss of subsidized housing – Other low income benefits Copyright © 2014, Clarence Byrd Inc. 54 Canadian Tax Principles Working Income Tax Benefit • Benefit for single individual – Lesser of: – 25% of working income in excess of $3,000 – Max = $989 • Reduced by 15 percent of income in excess of $11,231 Copyright © 2014, Clarence Byrd Inc. 55 Canadian Tax Principles Working Income Tax Benefit • Benefit for couples – lesser of: – 25% of family working 25% income in excess of $3,000 income – Max = $1,797 • Reduced by 15 percent of family working income in excess of $15,509 Copyright © 2014, Clarence Byrd Inc. 56 Canadian Tax Principles Child Tax Benefit System • Basic – $1,433/Year For Each Qualified Dependant – +$100/Year For Each Dependant Over Two – Eroded when family income exceeds $43,561 • Supplement – $2,221/Year for 1st child – $1,964/Year for 2nd – $1,869/Year for 3rd and subsequent – Eroded when family income exceeds $25,356 Copyright © 2014, Clarence Byrd Inc. 57 Canadian Tax Principles Clawback of EI • • Applicable if EI recipient’’s net income s exceeds $59,250 exceeds 30 percent of the lesser of: – EI benefits received – Excess of net income over $59,250 Copyright © 2014, Clarence Byrd Inc. 58 Canadian Tax Principles Clawback of OAS • Lesser Of – Payments Received – 15% Of Income In Excess Of $70,954 • Disappears At $114,640 • OAS Not Paid If Income Is High In Previous Two Years Copyright © 2014, Clarence Byrd Inc. 59 Canadian Tax Principles Copyright © 2014, Clarence Byrd Inc. 60...
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