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Ontario Tax Rates for 2018

2018 Taxable Income 2018 Tax Rates
Up to $42,960 5.05%
In excess of $42,960 $2,169 + 9.15% on next $42,963
In excess of $85,923 $6,100 + 11.16% on next $64,077
In excess of $150,000 $13,250 + 12.16% on next $70,000
In excess of $220,000 $21,762 + 13.16% on reminder




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British Columbia Tax Rates for 2018

2018 Taxable Income 2018 Tax Rates
Up to $39,676 5.06%
In excess of $39,676 $2,008 + 7.7% on next $39,677
In excess of $79,353 $5,063 + 10.5% on next $11,754
In excess of $91,107 $6,297 + 12.29% on next $19,523
In excess of $110,630 $8,696 + 14.7% on next 39,370
In excess of $150,000 $14,483 + 16.8% on reminder




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Alberta Tax Rates for 2018

2018 Taxable Income 2018 Tax Rates
Up to $128,145 10%
In excess of $128,145 $12,815 + 12% on next $25,628
In excess of $153,773 $15,890 + 13% on next $51,258
In excess of $205,031 $22,553 + 14% on next $102,516
In excess of $307,547 $36,906 + 15% on reminder




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Personal Tax Return Filing for 2018

T1 tax returns and T1135 filing for 2018 will start from Monday, February 18, 2019, at 8:30 a.m. (Eastern Time). Any prior year filing (i.e., for 2015, 2016, 2017) including T1 Amendments must be completed before 11:59 p.m. local time on Friday, January 25, 2019. During this period CRA’s EFILE and ReFILE services will stop transmission of return in order to convert its system to prepare for the next filing season.




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Federal Tax Rates for 2018

2018 Taxable Income 2018 Tax Rates 2017 Taxable Income 2017 Tax Rates
Up to $46,605 15% Up to $45,916 15%
In excess of $46,605 $6,991 + 20.5% on next $46,603 In excess of $45,916 $6,887 + 20.5% on next $45,916
In excess of $93,208 $16,544 + 26% on next $51,281 In excess of $91,831 $16,300 + 26% on next $50,522
In excess of $144,489 $29,877 + 29% on next $61,353 In excess of $144,489 $29,436 + 29% on next $60,447
In excess of $205,842 $47,670 + 33% on reminder In excess of $202,800 $49,966 + 33% on reminder




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How to avoid double taxation in Canada?

Foreign Tax Credit

Canadian resident for tax purposes or deemed Canadian residents who were present in Canada for 183 days or more in a taxation year is taxed on their worldwide income. So, they have to report their foreign income on their tax return in Canada and may be subject to double tax on foreign income. In almost all the countries except some places in the middle east, there are taxes on income generated by anyone. So, foreign income may have been subject to foreign taxes, accordingly, in order to avoid double taxation on the same income, a foreign tax credit is available to Canadian taxpayers who have paid foreign income taxes. Taxpayer gets the credit for the foreign taxes they paid in the foreign country and it reduces their overall tax payable in Canada. By granting a foreign tax credit, double taxation is avoided. Foreign business income tax credit if not needed in the current year then it can be carried back 3 years or carried forward for 10 years.




Tax Treaties

The Canadian government has signed tax treaties with several countries to avoid double taxation. Treaties are very specific to a particular country. So, use the provisions of the tax treaty whenever it is favourable to reduce overall taxes.

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