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Personal Tax Returns
- 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 2021 tax year is as follows:
- The first $49,020 of taxable income is taxed at 15 percent.
- The next $49,020 is taxed at 20.5 percent (the portion of taxable income between $49,020and $98,040).
- The next $53,938 is taxed at 26 percent (the portion of taxable income between $98,040 and $151,978).
- The next $64,533 is taxed at 29 percent (the portion of taxable income between $151,978 and $216,511).
- Income over $216,511 is taxed at 33 percent.
- The first $49,020 of taxable income is taxed at 15 percent.
- The next $49,020 is taxed at 20.5 percent (the portion of taxable income between $49,020and $98,040).
- The next $53,938 is taxed at 26 percent (the portion of taxable income between $98,040 and $151,978).
- The next $64,533 is taxed at 29 percent (the portion of taxable income between $151,978 and $216,511).
- Income over $216,511 is taxed at 33 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.
