Self employed tax return
As a business owner, you file your personal income tax return and pay the same amount of tax as any employed wage earner. Your business income, after deductions, is considered your annual wage, you report it as professional or business income. Canada has a progressive income tax, and the federal tax rate on personal income for 2013 tax year is as follows:
- The first $45,282 of taxable income is taxed at 15 percent.
- The next $45,281 is taxed at 20.5 percent (the portion of taxable income between $45,282 and $90,563).
- The next $49,825 is taxed at 26 percent (the portion of taxable income between $90,563 and $140,388).
- The next $59,612 is taxed at 29 percent (the portion of taxable income between $140,388 and $200,000).
- Income over $200,000 is taxed at 33 percent.
Provinces and territories, except for Quebec, calculate their income tax the same way. For example, in Ontario:
- The first $41,536 of taxable income is taxed at 5.05 percent.
- The next $41,539 — 9.15 percent.
- The next $66,925 – 11.16 percent.
- The next $70,000 – 12.16 percent.
- Amounts over $220,000 – 13.16 percent.
Non residents tax return
A tax return is basically your report to the government of all of your income and some other financial details for a given year. While your return may show that you have to pay more tax, you may also be eligible for a tax rebate if you have credits for expenses like health care, child care or school.
With our help, we make sure our client’s tax return takes advantage of legitimate ways to save their money.
Michael Gao Inc., a senior certified public accountant (CGA) led the tax, accounting, financial advisory services professional institutions, was established in 2009. Over the years, the company dedicated to every customer to provide professional, timely and comprehensive service, adhere to the quality and integrity of the core values, so that we have established long-term partnership with many customers.
Company president Gao Yue graduated from accounting major at University of Regina, Canada licensed CPA, have had many years of large-scale chartered accountants working experience, with profound professional knowledge and rich practical experience, especially in overseas assets reporting, effectively help the new and old immigrants and the small and medium-sized enterprise legitimate tax. At present, the company's customer base covers the real estate development, investment holding, import and export trade, e-commerce, manufacturing and distribution of wholesale, travel agencies, hotels and restaurants, supermarkets and retail and other fields.